邁克爾·塞勒（Michael Saylor）的比特幣託管評論暴露了社區中日益加深的意識形態分歧

Saylor 本身是一家軟體公司兼比特幣 BTC 價值 70,489 美元的投資工具 MicroStrategy 的執行主席，他在暗示比特幣

Michael Saylor’s recent comments on Bitcoin custody have sparked a heated debate within the crypto community.

Michael Saylor 最近關於比特幣託管的言論引發了加密社群的激烈爭論。

The MicroStrategy executive chairman's suggestion that Bitcoin holders should trust their assets to “too big to fail” banks, while dismissing self-custody proponents as “paranoid crypto-anarchists,” drew strong reactions.

MicroStrategy 執行主席建議比特幣持有者應該將自己的資產託付給“大而不能倒”的銀行，同時將自我託管支持者斥為“偏執的加密無政府主義者”，這一建議引起了強烈反響。

Ethereum co-founder Vitalik Buterin called the comments “batshit insane,” while Zap founder and CEO Jack Mallers and prominent software engineer Jameson Lopp also expressed similar sentiments.

以太坊聯合創始人 Vitalik Buterin 稱這些言論“簡直是瘋了”，而 Zap 創始人兼首席執行官 Jack Mallers 和著名軟體工程師 Jameson Lopp 也表達了類似的觀點。

Following the backlash, Saylor clarified his comments, reaffirming his support for self-custody rights. The development is especially significant given that MicroStrategy recently disclosed custody of 252,220 BTC (around $18.2 billion).

在強烈反對之後，塞勒澄清了他的評論，重申了他對自我保管權的支持。鑑於 MicroStrategy 最近披露了 252,220 BTC（約 182 億美元）的託管情況，這項進展尤其重要。

While such offhand comments from a businessman may initially seem trivial, the incident has highlighted a deepening ideological divide within the Bitcoin community.

雖然商人的這種隨口評論乍看之下似乎微不足道，但該事件凸顯了比特幣社群內部日益加深的意識形態分歧。

On one side are maximalists who prioritize complete decentralization, while on the other are those who welcome institutional involvement in the crypto industry.

一方面是優先考慮完全去中心化的極端主義者，另一方面是歡迎機構參與加密產業的人。

Speaking to Cointelegraph, Nate Holiday, CEO of decentralized data developer Space and Time, explained that the tension arises from fundamentally different objectives for crypto.

去中心化資料開發商 Space and Time 的執行長 Nate Holiday 在接受 Cointelegraph 採訪時解釋說，這種緊張局勢源於加密貨幣的根本不同目標。

Institutions like Saylor's MicroStrategy are focused on investment and treasury management to generate wealth for shareholders, Holiday said, adding:

Holiday 表示，Saylor 的 MicroStrategy 等機構專注於投資和財務管理，為股東創造財富，並補充說：

“Institutions like MicroStrategy aren't necessarily concerned with self-custody or preserving Bitcoin's ethos. Their primary goal is to generate returns for their shareholders, and they'll use whatever tools or strategies they deem fit to achieve that.”

「像 MicroStrategy 這樣的機構不一定關心自我託管或維護比特幣的精神。他們的主要目標是為股東創造回報，他們將使用他們認為合適的任何工具或策略來實現這一目標。

In contrast, Holiday noted that self-custody is more than just a technical preference for many in the crypto industry. Rather, it is a fundamental principle that aligns with Bitcoin’s revolutionary potential.

相較之下，霍利迪指出，對於加密產業的許多人來說，自我託管不僅僅是一種技術偏好。相反，這是一個與比特幣革命潛力一致的基本原則。

Peko Wan, co-CEO of blockchain development firm Pundi X, told Cointelegraph that the idea of self-custody still rings true to this day: “Institutional custody could shift the community’s mindset towards a reliance on third-party trust, diluting the self-sovereign approach central to Bitcoin’s philosophy.“

區塊鏈開發公司 Pundi X 的聯合執行長 Peko Wan 告訴 Cointelegraph，自我託管的想法至今仍然正確：「機構託管可能會將社群的心態轉向依賴第三方信任，從而淡化自我託管的想法。」主權方法是比特幣哲學的核心。

Solv CEO Ryan Chow also echoed this sentiment, telling Cointelegraph that blockchain is about true ownership, where the buck stops when investors genuinely have control of their coins.

Solv 執行長 Ryan Chow 也同意這種觀點，他告訴 Cointelegraph，區塊鏈是關於真正的所有權，當投資者真正控制他們的代幣時，責任就停止了。

“Without that value proposition, we wouldn’t need, say, another trading platform or another social media site,” Chow said.

「如果沒有這種價值主張，我們就不需要另一個交易平台或另一個社群媒體網站，」週說。

The debate comes at a crucial time for Bitcoin adoption. Spot Bitcoin ETFs have attracted over $800 million in daily inflows on Oct. 30, a level not seen since June.

這場辯論發生在比特幣採用的關鍵時刻。截至 10 月 30 日，現貨比特幣 ETF 每天吸引了超過 8 億美元的資金流入，這是自 6 月以來的最高水準。

According to Ben Caselin, chief market officer at crypto exchange VALR, Bitcoin’s resilience in both low and high-interest environments has attracted many institutional investors, contributing to these record inflows.

加密貨幣交易所 VALR 首席市場長 Ben Caselin 表示，比特幣在低利率和高息環境中的彈性吸引了許多機構投資者，促成了創紀錄的資金流入。

Moreover, this institutional momentum shows no signs of slowing down anytime soon, with KuCoin’s Alicia Kao noting that hedge fund participation in digital assets has increased significantly, with “47% of traditional hedge funds now having exposure to digital assets, up from 29% in 2023.”

此外，這種機構勢頭沒有顯示出短期內放緩的跡象，KuCoin 的Alicia Kao 指出，對沖基金對數位資產的參與度顯著增加，「47% 的傳統對沖基金現在涉足數位資產，高於2019 年的29% ”。2023 年。”

Saylor's controversial comments may foreshadow Bitcoin's evolution into a two-tier system, with Wan suggesting that we could see an evolutionary bifurcation, wherein both institutional and self-sovereign ecosystems co-exist within the Bitcoin network.

Saylor 的爭議言論可能預示著比特幣將演變成一個兩層系統，Wan 表示我們可能會看到演化分叉，其中製度生態系統和自我主權生態系統在比特幣網路中共存。

Ian Lee, head of operations at crypto futures exchange Flipster told Cointelegraph that while institutional custody can be a concern for decentralization, it's not a direct threat.

加密貨幣期貨交易所 Flipster 營運主管 Ian Lee 告訴 Cointelegraph，雖然機構監管可能是去中心化的問題，但這並不是直接威脅。

“People still have the option of self-custody, so institutional custody is more about offering another choice, not replacing decentralization. While Bitcoin once stood strongly for decentralization, it's now more often seen as an investment vehicle, with less emphasis on its decentralized roots," he added.

「人們仍然可以選擇自我託管，因此機構託管更多的是提供另一種選擇，而不是取代去中心化。雖然比特幣曾經強烈支持去中心化，但現在它更常被視為一種投資工具，而不太強調其去中心化的根源，」他補充道。

As the crypto industry continues to mature, the tension between institutional adoption and decentralization principles will likely persist.

隨著加密貨幣產業的不斷成熟，機構採用和去中心化原則之間的緊張關係可能會持續存在。

Holiday says that, when looking at Bitcoin as a financial asset alone, there might be the threat of co-option from mainstream finance, but as a decentralized protocol or a Web3 developmental substratum, Bitcoin stands completely secure.

Holiday 表示，當僅將比特幣視為一種金融資產時，可能會存在主流金融選擇的威脅，但作為一種去中心化協議或 Web3 發展基礎，比特幣是完全安全的。

Chow, on the other hand, said that the technology's permissionless nature enables both of these approaches to co-exist, adding: "No 'Bitcoin OG' community can prevent the masses from entering and buying Bitcoin. People will choose the custodial method they feel comfortable with, and no one can stop that."

另一方面，Chow 表示，該技術的無需許可的性質使這兩種方法能夠共存，並補充說：「沒有任何'比特幣OG'社區可以阻止大眾進入和購買比特幣。人們會選擇他們認為的託管方法很舒服，沒有人可以阻止這一點。

The challenge in this context is to be able to preserve the option for self-custody even as institutional involvement grows — ensuring that Bitcoin remains true to its original vision while adapting to mainstream adoption.

在這種情況下面臨的挑戰是，即使機構參與不斷增加，也能夠保留自我託管的選擇——確保比特幣在適應主流採用的同時保持其最初的願景。

In closing, what Saylor's reversal ultimately demonstrates is not just a personal backtrack but a broader recognition that Bitcoin's future may depend on finding a balance between its revolutionary roots and its evolving role in the global financial system.

最後，塞勒的逆轉最終表明的不僅僅是個人的倒退，而是更廣泛的認識，即比特幣的未來可能取決於在其革命根源與其在全球金融體系中不斷演變的角色之間找到平衡。