Criticism of Michael Saylor's Views on Bitcoin Custody

Ethereum co-founder Vitalik Buterin recently voiced criticism regarding MicroStrategy founder Michael Saylor’s perspective on regulated entities for Bitcoin custody, labeling Saylor's thoughts as "batshit insane."

Saylor, in an interview with NZ Herald's Madison Reidy, argued against concerns about regulated entities, claiming they provide a safer and more stable way to hold Bitcoin. He emphasized Bitcoin's superiority as a digital asset and its essential role in human progress.

However, his views faced backlash from the Bitcoin community, particularly self-custody advocates, who rejected his stance and questioned his authenticity as a true bitcoiner. Buterin, responding to Casa CTO Jameson Lopp's comments about self-custody, reiterated that relying on regulatory capture undermines the core principles of cryptocurrency.

Regulated Entities for Bitcoin Custody

Saylor argued for holding Bitcoin through regulated entities like BlackRock and Fidelity, claiming this would minimize risk and volatility. He referenced historical examples, such as President Roosevelt’s 1933 Executive Order, to illustrate government actions concerning personal asset safety. While acknowledging self-custody, Saylor dismissed critics as “paranoid crypto-anarchists,” contending that such regulated custodians could enhance security and confidence in Bitcoin ownership.

Earlier in the month, Saylor hinted at MicroStrategy's ambitions for a trillion-dollar valuation, framing it as part of a broader Bitcoin strategy. The Block reached out to Saylor for further comments on the critique.