The post Saylor’s disparaging remarks about self-custody provoke Bitcoin community’s ire appeared on BitcoinEthereumNews.com.

MicroStrategy CEO Michael Saylor has dismissed the idea of a government seizure of Bitcoin as a “trope” while advocating for custodianship through large financial institutions over self-custody. In a recent appearance on the “Markets with Madison” podcast, Saylor addressed concerns from what he called “paranoid crypto-anarchists” who fear such seizures. He said such individuals often reject regulation, government authority, taxes, and reporting requirements, which increases the risk of seizure. According to Saylor: “I think that when the Bitcoin is held by a bunch of crypto-anarchists who aren’t regulated entities — who don’t acknowledge government or don’t acknowledge taxes or don’t acknowledge reporting requirements — that increases the risk of seizure.” He emphasized that institutional custodians, in contrast, adhere to legal and tax obligations, which he believes reduces the likelihood of government intervention. Saylor further argued that instead of relying on self-custody methods like hardware wallets, Bitcoin holders would be better served by trusting large, established banks designed to secure financial assets. He said: “You have an OG crypto community that’s very hardcore about it, but if you look at where all the money is — 99.9% of the money — is actually in the traditional economy.” As a long-time Bitcoin supporter, Saylor’s comment surprised many in the community as it goes against the cypherpunk ethos at the heart of crypto. Bitcoin proponents often strongly advocate for self-custody due to the risks associated with centralized authorities and entities. Bitcoin community slams Saylor Saylor’s remarks sparked a significant backlash from key figures in the Bitcoin community. Sina G, co-founder of Bitcoin-focused investment firm 21st Capital, criticized the stance, calling it “spooky” and accused Saylor of becoming “a shill for the government and banking system.” Sina added: “Saylor is on a mission to relegate Bitcoin into an investment petrock and halt its usage…

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Filed under: News - @ October 22, 2024 5:24 pm