Vitalik Buterin just couldn’t hold back. The Ethereum co-founder slammed MicroStrategy’s Michael Saylor after he made waves by pushing centralized Bitcoin custody. Saylor, who’s been aggressively pro-Bitcoin, now claims that leaving Bitcoin custody to big entities like banks might actually reduce seizure risks. Buterin wasn’t having any of it.
Saylor said keeping Bitcoin out of the hands of “paranoid crypto-anarchists” will prevent governments from snatching up digital assets. This line of thinking seems like a massive detour from decentralized ideals, and Buterin called it out in a tweet: “I think Saylor’s comments are batshit insane.” That one-liner hit hard, echoing across crypto Twitter like a lightning bolt.
Saylor’s Centralization Angle Shocks Many
In a recent interview, Saylor argued that regulations would protect Bitcoin, not threaten it. Buterin fired back, suggesting that Saylor is pushing an agenda that leans into regulatory capture, where big corporations cozy up to government powers and slowly suffocate the core principles of crypto. That’s like inviting the fox into the henhouse for breakfast.
For Buterin and his crew, self-custody is non-negotiable. The “not your keys, not your coins” mantra lives on. Self-custody means holding onto private keys yourself, which is riskier but keeps the power in your hands. On the flip side, handing them to a third party might make life easier but risks someone freezing, seizing, or straight-up taking them. Saylor’s angle is rubbing a lot of people the wrong way.
Lopp Joins the Fray, Advocates Self-Custody
Jameson Lopp, another big voice in the space, dropped in to back Buterin’s perspective. Lopp, co-founder of Casa HODL, thinks self-custody isn’t just good for the individual; it’s essential for Bitcoin’s health. Centralized custody leads to risks that could harm the entire ecosystem.
He pointed out that when too much Bitcoin sits in too few hands, things get shaky. Governments could more easily seize it, or institutions might neglect the hard work of decentralizing even further. “Institutions don’t care about advanced cryptography,” said Lopp. He’s probably right, because corporations focus on profits, not principle.
The FTX Fallout Still Echoes
The fallout from FTX’s implosion in 2022 sent shivers through the crypto world. Since then, people have been grabbing their keys and running for the hills. Self-custody’s making a big comeback, so Saylor’s timing couldn’t be worse for this centralization push.
Oklahoma even passed a law in May giving Bitcoiners a legal right to self-custody.
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