Vitalik Buterin Slams New Michael Saylor Take on Bitcoin Custody

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In the ongoing conversation about custody, a clash of ideas has emerged between Ethereum co-founder Vitalik Buterin and MicroStrategy Chairman Michael Saylor Saylor, who recently downplayed concerns about using regulated entities for Bitcoin custody. 

He labeled them as the fears of crypto-anarchists. Buterin firmly disagrees, highlighting the risks of regulatory capture in the crypto space.

The Michael Saylor Vision for Bitcoin Custody

In a recent interview with NZ Herald journalist Madison Reidy, Michael Saylor advocated for Bitcoin as a superior digital asset and a critical component of human progress. He proposed that holding Bitcoin (BTC) through regulated institutions like BlackRock, Fidelity, and JPMorgan offers a safer alternative to self-custody. He argued that these entities can help stabilize the market and reduce the risk of loss. 

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Saylor compared the current fears of using regulated entities for Bitcoin custody to a past event: President Roosevelt’s 1933 Executive Order. Then, citizens were required to hand over their gold to the government. By making this comparison, he believes people’s concerns about trusting regulated institutions with their Bitcoin are less serious than they may seem. 

Buterin’s Stark Rebuttal to Saylor’s Bitcoin Custodian Stance 

The Ethereum co-founder did not hold back in his criticism of Saylor’s stance. In an X post, he labeled Saylor’s comments as unacceptable. He expressed concern that Saylor’s push for a regulatory approach threatens the core principles of cryptocurrencies. He emphasizes that trusting third-party custodians undermines the foundational ideals of decentralization and self-sovereignty that crypto advocates cherish.

Jameson Lopp, co-founder and CTO of Casa, also weighed in. He argued that self-custody is essential for individual Bitcoin holders and the integrity of the entire Bitcoin network. Lopp warned against promoting trust in third-party custodians. 

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In addition, a user on X posted that MicroStrategy’s Chairman is not a real Bitcoiner. The user said Saylor came late to the crypto game and did not understand the fundamental mindset behind the digital asset, which is OG anarchism. 

Bitcoin Self-Custody Services are on The Rise 

As Saylor and Buterin debate, third-party custodians, crypto firms, and investors are launching self-custody services across the industry. 

Crypto entities, including Robinhood, Kraken, Babylon, and Proton, have integrated self-custody options in their various operations. Meanwhile, Binance Head Changpeng Zhao highlighted the dangers in crypto users managing their assets in 2022. He speculated that almost 100% of all users pulling out their funds to hold them in self-custody will lose them one way or the other. 

As Bitcoin continues to gain traction, conversations like self-custody and third-party self-custody are likely to evolve. This reflects the diverse perspectives within the crypto space.

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