As a seasoned researcher with years of experience in the financial markets, I find myself deeply intrigued by Michael Saylor’s recent interview about Bitcoin adoption and its associated myths. While I respect his expertise and the success he has achieved with MicroStrategy, I must express my disagreement with some of his statements regarding self-custody of Bitcoin.
Michael Saylor, the creator of MicroStrategy, recently posted a link to his new interview. A notable comment he made about Bitcoin holders who choose to safeguard their private keys independently due to distrust towards the government sparked interest within the cryptocurrency community, as it seemed that Saylor held a critical viewpoint towards these individuals.
Saylor’s Bitcoin interview
In a tweet accompanying the link to the interview, Saylor notes that the discussion tackles “prevalent misconceptions and potential dangers preventing Bitcoin acceptance.” The chat was hosted by YouTuber Madison Reidy, who frequently interviews professionals in the finance sector.
This discussion clarifies common misconceptions and potential drawbacks hindering the widespread use of #Bitcoin, demonstrates why Bitcoin stands out as the leading digital asset, investment, and medium of value storage, and encourages global acceptance of Bitcoin as a reliable, pure, digital currency vital for human advancement.
— Michael Saylor⚡️ (@saylor) October 21, 2024
As a dedicated cryptocurrency investor, I found myself intrigued by snippets of an interview published independently on X, which other crypto enthusiasts also found noteworthy. One particular statement that sparked my interest within the Bitcoin community was MicroStrategy’s Saylor’s perspective on individuals who opt for self-custody over institutions like BlackRock as a means of risk management.
Madison Reidy’s query revolves around the potential hazards for individuals who keep their Bitcoins with custodians, and whether this practice may heighten the chances of their Bitcoins being taken or seized by the U.S. government in the future. In a historical context, she drew a parallel to the Great Depression era, when the government confiscated gold from affluent American citizens.
1933, amidst the Great Depression, President Roosevelt proposed that individuals should exchange their gold bullions and coins for $20.67 per ounce. At this time, the U.S. dollar was tied to gold, and after gathering the gold, Roosevelt increased the price per ounce to $35. This influx of gold from private holders, followed by an increase in dollar printing, represented one of the drastic actions that aided the U.S. in navigating out of the Depression.
“Paranoid crypto anarchists” who hold Bitcoin
Saylor pointed out that when Bitcoin is owned by individuals who identify as ‘crypto anarchists,’ operate outside regulatory structures, and do not recognize the authority of governments, taxes, or reporting obligations, this increases the likelihood of confiscation.
Saylor implies that if you personally manage your cryptocurrency keys and distrust the government, he might perceive you as someone who is overly suspicious or fearful, leaning towards crypto-anarchism. 😉
— Adam Simecka (@AdamSimecka) October 20, 2024
Saylor argued that only those who are “cautiously skeptical about Bitcoin” might worry about having their Bitcoin confiscated, and he pointed out that gold was not forcibly taken in 1933 but rather surrendered on a voluntary basis. Since the US does not utilize Bitcoin as its standard currency, he suggested, there’s no need to be alarmed.
The community was stunned by these words, reacting in the comments.
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2024-10-21 17:31