As a seasoned crypto investor with over two decades of experience in traditional finance and technology, I find myself deeply troubled by Michael Saylor’s recent comments regarding self-custody and regulatory capture of cryptocurrencies.
Growing criticism towards Michael Saylor, co-founder of MicroStrategy, persists, with Ethereum‘s Vitalik Buterin labeling his remarks as “extremely absurd” or “crazy” in a recent social media update.
As an analyst, I’m sharing my understanding based on Buterin’s perspective: He suggests that Saylor is pushing for a form of regulatory control over cryptocurrencies, aiming to safeguard the industry.
Nevertheless, the co-founder of Ethereum posits that this approach might not succeed, and it could also weaken the fundamental principles of cryptocurrency, as they are built upon the concept of self-banking.
In simpler terms, Saylor sparked anger within the digital currency community when he mockingly referred to supporters of self-custody as “crypto-anarchists.” The billionaire argues that rather than purchasing hardware wallets for storing their Bitcoins, people should rely on conventional financial institutions instead.
Jameson Lopp, who serves as the chief security officer at Casa, has pointed out that Saylor’s strategy may result in a rise of centralization and disempowerment of Bitcoin users. Furthermore, it could hamper the progression of the Bitcoin network since financial institutions tend to overlook sophisticated cryptographic features.
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2024-10-23 08:52