Michael Saylor, one of the leading advocates of Bitcoin, has recently faced criticism from the Bitcoin community with his statements.
Another criticism came from Ethereum co-founder Vitalik Buterin, who criticized Michael Saylor’s view on institutional Bitcoin custody.
Vitalik Buterin criticized Saylor’s proposal that large financial institutions and “very difficult to fail banks” should manage Bitcoin custody, arguing that the proposal goes against the decentralized nature of BTC and other cryptocurrencies.
Buterin called Saylor’s approach crazy, arguing that relying on large financial institutions like BlackRock and Fidelity to store Bitcoin contradicts the fundamental principles of cryptocurrencies.
The Ethereum co-founder added that Michael Saylor’s proposal would result in powerful financial institutions taking over Bitcoin, thus putting Bitcoin’s decentralization at risk.
What Did Michael Saylor Say?
Bitcoin bull Michael Saylor has previously advocated self-custody as a way to protect the Bitcoin network. Following the FTX bankruptcy in 2022, which rocked the cryptocurrency industry, Saylor also stated that self-custody is vital.
However, Saylor has backed down from that idea. In a recent interview with Madison Reidy, he changed his stance, claiming that large institutions, not users, should be responsible for storing Bitcoin.
*This is not investment advice.
