Coin World News Report:
In the face of strong opposition to comments suggesting that regulated entities such as BlackRock and Fidelity are a safer option than holding Bitcoin, MicroStrategy founder Michael Saylor clarified his stance on self-custody.
In a tweet, Saylor expressed his support for individuals choosing to self-custody Bitcoin and advocated for everyone’s right to make their own choices.
He even emphasized that Bitcoin should be open to all forms of investment and welcomes contributions from individuals and institutions.
“I support the right of those willing and capable of self-custody, the right of everyone to self-custody, and the freedom for individuals and institutions worldwide to choose their custodial and storage form. #Bitcoin benefits from all forms of investment from all types of entities and should be open to everyone.”
Bitcoin custody controversy heats up
As spot Bitcoin ETFs and other traditional investment tools gain popularity, the debate over self-custody of cryptocurrencies continues to grow.
Meanwhile, Saylor’s recent clarification has met strong opposition within the cryptocurrency community. In the midst of the controversy, Saylor highlighted the risks associated with private entities and “crypto-anarchists” holding Bitcoin, who often “refuse government supervision, taxation, and reporting requirements,” in an interview with senior business journalist Madison Reidy of The New Zealand Herald earlier this week.
He believes that this increases the likelihood of asset seizures as these entities operate outside of regulatory oversight. On the contrary, Saylor believes that the risk of seizure is much lower when Bitcoin is held by regulated large public institutions such as BlackRock, Fidelity, JPMorgan, and State Street Bank.
He explained that this is because these institutions have the support of lawmakers and law enforcement agencies, as many of these entities manage retirement funds for politicians and government officials.
Counterattack
This controversial statement has not been embraced by many cryptocurrency advocates. Ethereum co-founder Vitalik Buterin is one of them, calling these remarks “extremely crazy” and arguing that Saylor’s approach, which supports regulatory capture by ensuring that lawmakers and law enforcement agencies have vested interests in these entities, contradicts the core principles of cryptocurrencies.
Buterin pointed out that there are many examples of the failure of this strategy and emphasized that cryptocurrencies are about decentralization and resistance to control by large institutions.
Max Keiser, a prominent Bitcoin maximalist, also criticized Saylor’s comments attacking self-custody, stating that they indicate a regressive trend that supports the central banks that Bitcoin should challenge.
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