Saylor’s comment on big bank BTC protection is ‘batshit crazy’ – Buterin
MicroStrategy founder Michael Saylor's suggestion that crypto users should use big banks to hold bitcoins adds to a growing backlash from the crypto community that Ethereum founder Vitalik Buterin called it “batshit crazy.”
“I'm happy to say that I think Saylor's comments are crazy,” said Buterin on October 22 in his response to X, chief security officer and cypherpunk Jameson Lopp of the Bitcoin protection organization, who extolled the virtue of self-control. .
It is the latest criticism aimed at MicroStrategy's Saylor that on October 21 Bitcoin (BTC) holders must rely on banks “too big to fail” to “be the custodian of financial assets” – a clear U-turn. Preliminary comments about self-improvement.
Source: Vitalik Buterin
Butern points out that investment managers such as BlackRock and Fidelity are “clearly arguing for a regulatory approach to protect crypto” with “all the legislative and law enforcement tools that invest in those entities”.
“There are many precedents for how this strategy could fail, and to me, that's not what crypto is about.”
In an interview with Financial Markets reporter Madison Reidy, Saylor called them “crypto-anarchists” and warned that unregulated entities that don't comply with government, tax or reporting requirements increase the risk of asset capture.
Criticism of Sayler's comments has since mounted.
Loup argued that self-sustainability is not just for individual bitcoin owners, but “is essential for the continued strengthening and improvement of the entire network.”
On October 22, ShapeShift founder Eric Voorhees added a disclaimer, stating that the ability to self-storage bitcoins is “a check against the centralization and corruption that would be inevitable under any other arrangement.”
“For Saylor to systematically undermine this basic guideline is completely inappropriate and deserves a response.”
Related: Jameson Lopp: Many don't know how easy self-management is
In the year In a 2022 interview with Blockware Chief Analyst Joe Burnett, Saylor gave several examples of why he thinks crypto should be tied to large, centralized intermediaries.
“This was three weeks after FTX was involved and users left BTC on the platform,” the Blockware team said in a post on X on October 22.
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