Saylor’s Bitcoin custody debacle highlights growing divide in crypto community
As institutional interest in Bitcoin soars, the crypto community grapples with fundamental questions about custody and control.
Michael Saylor’s comments on Oct. 21 about Bitcoin custody caused a furor among the crypto community, sparking debates over self-custody and the future of crypto adoption.
Saylor, himself the executive chairman of software company-cum-Bitcoin (BTC) investment vehicle MicroStrategy, faced intense criticism after suggesting that Bitcoin holders should trust their assets to “too big to fail” banks while dismissing self-custody proponents as “paranoid crypto-anarchists.”
As expected, the backlash was swift and severe, with Ethereum co-founder Vitalik Buterin calling the comments “batshit insane,” while several other prominent members of the crypto community — including Zap founder and CEO Jack Mallers and prominent software engineer Jameson Lopp — sharing a similar sentiment.
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Author: Shiraz Jagati
