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Cryptocurrency News Articles
Vitalik Buterin Reacts to Michael Saylor's Comments on Bitcoin, Calls Them 'Batshit Insane'
Oct 23, 2024 at 08:21 pm
The Ethereum cofounder reacted to Michael Saylor suggesting in an interview that crypto users should use big banking institutions to hold custody over Bitcoin.
Ethereum co-founder Vitalik Buterin has reacted to comments made by Michael Saylor, the co-founder of Microstrategy, suggesting that crypto users should use large banking institutions to hold custody over Bitcoin.
Buterin took to Twitter on Monday to express his disagreement with Saylor’s suggestion, calling it “batshit insane.” He pointed out that regulated public entities are already invested in Bitcoin, and their role in the crypto story shouldn’t expand beyond that.
“I’ll happily say that I think @saylor‘s comments are batshit insane,” Buterin tweeted.
“He seems to be explicitly arguing for a regulatory capture approach to protecting crypto (‘When you have regulated public entities like Blackrock and Fidelity and … holding the asset, all the lawmakers and law enforcement arms are invested in those entities’). There’s plenty of precedent for how this strategy can fail, and for me, it’s not what crypto is about.”
Buterin’s argument counters the idea of regulatory capture, which suggests that regulated public entities should hold digital assets so regulators and law enforcement might be more inclined to invest in them.
Buterin believes this approach might eventually lead to these public entities taking over Bitcoin, which goes against the decentralization that Bitcoin stands for.
Other notable crypto figures, such as Bitcoin custody firm Casa’s chief security officer Jameson Lopp and ShapeShift founder Erik Voorhees, agreed with Buterin’s stance against public entities expanding their role in the Bitcoin space by acting as third-party custodians.
They believe the practice could set a bad precedent and goes against the decentralized nature of cryptocurrencies, which is their biggest appeal.
“Bitcoin self-custody isn’t just about being a paranoid mountain man,” Lopp tweeted.
“There are many long-term negative ramifications to convincing people to trust third-party custodians.
“Centralizing coins into a few hands increases the systemic risk of loss and seizure.
“Fork choice activities get shifted away from Bitcoiners, who are disenfranchised from participating in governance activities like running nodes or trading forks.
“Self-custody is not merely important to individual Bitcoin holders. It’s important for the continued strengthening and improvement of the entire network.”
Saylor’s argument is built on the notion that crypto could become a safer space if traditional financial institutions play the custodian role in it, which is a line of thinking that was countered by Buterin.
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