- Vitalik Buterin expressed his concerns over Micheal Saylor’s comment on Bitcoin custody.
- Saylor suggested Bitcoin holders rely on financial custody firms over hardware wallets.
The crypto community has witnessed some intriguing debates over the past day igniting the discussion panels. Recently hacked WazirX founder Nischal Shetty retorted to CoinSwitch CEO’s allegations on fund movements sparking much debate among degens. However, Michael Saylor caught the spotlight by suggesting handing Bitcoin custody to ‘big banks’.
MicroStrategy Founder, Micheal Saylor has received much criticism from the crypto market for his comment on crypto regulations. Michael Saylor, in a recent interview, discussed that Bitcoin owners had ‘nothing to lose’ when converting their assets to institutions. This would mean that Bitcoin owners would no longer have self-custody for which Michael Saylor stated that it was unnecessary fear.
Ethereum co-founder Vitalik Buterin expressed his concerns on X against Saylor’s comment, referring to them as not sane. The tech genius further stated that there were several ways in which Saylor’s strategy could fail and that crypto doesn’t refer to such regulated assets for him.
Vitalik Buterin stated in the X post:
“He seems to be explicitly arguing for a regulatory capture approach to protecting crypto”
Further, the Executive Chairman was questioned about the US government’s stripping Bitcoin holders of self-custody rights. He responded that it was a myth and trope that had been going on for a long time. The interview has led to amplified outrage among Bitcoiners. This comment also contradicts Micheal Saylor’s earlier views on self-custody.
What Regulatory Strategy Did Micheal Saylor Propose For Bitcoin?
Micheal Saylor referred to digital asset management institutions such as Fidelity and BlackRock stating them as examples for regulating public entities. He went on to say that when regulating them was possible Bitcoin bank custody would not cause harm.
Additionally, Saylor suggested that crypto holders must rely on ‘big banks’ that are engineered to be custodians of financial assets rather than depending on hardware wallets. Several leading community members similar to Buterin have expressed their outrage at Saylor’s comments.
Meanwhile, the Ethereum community hit a new milestone as the ETH supply surge hit a 6-month high in the last 24 hours.
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