Michael Saylor, the CEO of MicroStrategy, has recently defended his stance that major financial institutions will eventually control a significant and increasing share of bitcoin’s total supply. In an interview that he eagerly shared on X and YouTube, he asserted that the Bitcoin network will advance as corporations and governments displace so-called “crypto-anarchists.”
When questioned about the possibility of government confiscation as more bitcoin is stored by third-party custodians for their clients, Saylor answered, “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” (emphasis in original).
Saylor hinted that institutions like BlackRock or MicroStrategy, unlike self-sovereign Bitcoin holders, are more likely to properly file and remit their taxes.
The irony of this assertion was clear to viewers, especially considering that Saylor himself has paid $40 million to settle allegations of tax evasion, plus $8.5 million for settling accounting fraud charges.
Saylor believes 99.9% of the money doesn’t worry about government seizure
During another segment of the interview, Saylor laughed at Bitcoin supporters who prioritize self-custody. “There’s an OG crypto community that’s very intense about it, but if you examine where all the money is — 99.9% of the money — it’s actually within the traditional economy.”
Saylor reiterated his dismissive view towards one of the earliest communities in cryptography, stating that the concern of seizure mainly pertains to “paranoid crypto-anarchists.”
He further trivialized the potential for government confiscation of bitcoin, labeling it a “trope” that endlessly recycles. He pointed out that the most recent historical instance, the 1933 US gold confiscation enacted by Executive Order 6102, did not lead to any forcible seizures of gold.
Read more: Did Michael Saylor pay Bitcoin developers to cease their work?
‘Paranoid crypto-anarchists’
The Bitcoin community responded with a flurry of comments, prompting many to change their usernames to “paranoid crypto-anarchist.” One observer remarked, “It’s a terrible look for Saylor to endorse the government,” while another stated, “My trust in Saylor has plummeted after this latest interview,” with someone else declaring, “Saylor is an enemy of bitcoin.”
Others speculated about Saylor’s future during a potential Bitcoin network split. “When the BlackRock forkwar occurs, he will have a strong incentive to align with the regulatory compliant side of the chain split,” wrote Michael Ruiz.
The co-founder of Simply Bitcoin used the moment for introspection, stating, “Saylor didn’t promote himself as a bitcoin prophet, you did. The enablers are the true culprits.”
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