- Saylor affirms self-custody as a right, stressing freedom for individuals and institutions in crypto.
- Critics argue Saylor’s stance could centralize Bitcoin, weakening its network and governance principles.
- Vitalik Buterin calls Saylor’s support for regulated entities contrary to crypto’s decentralized ethos.
Michael Saylor has recently explained his position on self-custody following criticism from industry professionals. Saylor stressed in a statement that both individuals and institutions have the fundamental right to self-custody, allowing them to choose how they handle their assets.
Saylor’s Clarification
Michael stated that Bitcoin benefits from various forms of investment by different types of entities. He highlighted the importance of welcoming diverse investors into the ecosystem, regardless of their custody preferences. His response aimed to address concerns raised by prominent voices who criticized his earlier comments made during a recent interview.
Criticism from Industry Leaders
Jameson Lopp, co-founder and Chief Security Officer of CasaHODL, responded critically. He argued that self-custody is not about paranoia but rather about reducing systemic risk and empowering users.
Lopp warned that Saylor’s previous remarks could encourage excessive reliance on third-party custodians, centralizing Bitcoin holdings and weakening network governance.
Lopp expressed concern over the potential negative effects of such centralization. He emphasized that self-custody not only secures individual assets but also strengthens the broader Bitcoin network by involving more users in activities like running nodes.
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Vitalik Buterin’s Response
Vitalik Buterin also commented, calling Saylor’s remarks crazy. Buterin implied that Saylor’s backing of regulated entities such as BlackRock and Fidelity could conflict with the fundamental values of cryptocurrency.. He pointed out past failures of similar strategies and questioned their alignment with the crypto ethos.
Additional Reactions
Saylor’s previous remarks were also criticized by other Bitcoin supporters such as Jack Mallers and Adam Back. They emphasized the importance of self-custody in preserving financial freedom in the Bitcoin ecosystem. They contended that Michael’s perspectives may weaken Bitcoin’s purpose by advancing centralized authority.
Despite facing criticism, Michael continues to strongly support Bitcoin. He keeps promoting its importance as protection against inflation and a safe digital asset for institutions and individual investors.
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