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Michael Saylor, co-founder of MicroStrategy, softened his stance regarding cryptocurrency self-custody after Ethereum’s Vitalik Buterin remarked that he’s “batshit insane” for suggesting that investors keep their crypto with “too big to fail” banks.
“I support self-custody for those who are willing and capable, the right to self-custody for everyone, and the freedom to select the form of custody and custodian for individuals and organizations around the world,” Saylor stated in an Oct. 23 post on X.
Michael Saylor’s Statements Sparked Widespread Criticism from the Crypto Community
Saylor’s recent remarks followed his recommendation that investors store their Bitcoin with regulated firms like BlackRock and Fidelity, which he claimed provides a safer and more stable option for holding their digital assets.
He dismissed concerns about increased governmental control and centralization, labeling them as exaggerated fears primarily held by “paranoid crypto anarchists.”
This prompted a significant backlash from the online crypto community.
“I’ll confidently state that I believe Michael Saylor’s remarks are batshit insane,” Buterin commented in an Oct. 23 post on X.
I probably did more than most to spread the “mountain man” trope (btw I consider those remarks of mine outdated; snarks and AA changed the tradeoff space completely), and I’ll happily say that I think @saylor‘s comments are batshit insane.
He seems to be explicitly arguing for a…
— vitalik.eth (@VitalikButerin) October 22, 2024
Some believe that custody through regulated entities such as BlackRock and Fidelity offers benefits that facilitate crypto’s mainstream acceptance.
However, Ethereum co-founder Buterin remains skeptical that this approach is ideal.
“There’s a lot of precedent for how this strategy can fail, and for me it’s not what crypto is fundamentally about,” he remarked.
Crypto was created to decentralize authority, not to transfer it to organizations like BlackRock or Fidelity, Montana G expressed in a post on X.
Momentum Builds for Spot Bitcoin ETFs
As the discussion around self-custody heats up, spot Bitcoin ETFs (exchange-traded funds) have started seeing renewed inflows following a brief period of outflows on Oct. 22.
The outflows marked the end of the funds’ impressive 7-day run, during which over $2.6 billion had been invested between Oct. 11 and Oct. 21, according to Farside Investor data. On the previous day, $192.4 million flowed into the funds.
BlackRock’s IBIT continues to hold a significant lead over other US spot Bitcoin ETFs regarding total inflows, with its aggregate reserves standing at $25.53 billion. Fidelity’s FBTC ranks second in cumulative flows with an asset total of $10.319 billion.
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