“We are going to need big banks to become the crypto custodians”
~Michael Saylor, 2023
He is not our friend
Discussion
It’s gunna happen regardless of saylor opinion. Everything is good for those who self custody.
The banks won’t self custody, the banks will close on Fridays just like normal😂 banks will hold a bitcoin derivative of a company that’s holds the bitcoins keys.
They live in 3rd party world over there 🤡
Lol correct. I’m referring to the plebs that practice self custody. I am not on the banks side.
The part unsaid is he is thinking from the perspective of a CEO of a publicly traded company. We means his peers, not us. Publicly traded companies don’t need or want non-custodial.
They are doxxed and benefit from the system. Bitcoin is beautiful because it takes many forms. Let it take the form of digital gold for corporations imo. We benefit from price stability. The faster we get to store of value the faster we get to means of payment.
I see it this way.. the reason munger called it rat poison is because the banks can’t touch the stuff. It’s the opposite of the system they thrive on! Bitcoin hypothecation will wreck the banks!
No matter if it’s Paper bitcoin or WBTC, real 21m BTC teaches the lesson every time
The wall street bros can just manipulate the price of bitcoin with paper derivatives and fake bitcoin if we let the banks take over the custodianship of the bitcoin.
They can only custody BTC from what’s available on the liquid supply. If they bet on it long enough they’ll get wrecked eventually💀
I have studied what happened to GOLD and SILVER markets to know Wall Street are 100x short on these assets so manipulating the price of these metals via derivatives/futures markets.
Bitcoin could fall to the same fate if we not careful.
Basically the market makers always win. They are the casino who enable the trading of these assets. Wall streets knows this game too well and how to win.
