I’m a bit confused as to why everyone is treating this like it’s a new thing - Saylors opinion on Bitcoin custody solutions has been clear for years, and there is hours of podcasts where he outlines his thoughts.
“For the industry to move to the next level, we need to migrate to adult supervision. We’re going to need big banks to become the crypto custodians.” — Michael Saylor
Can’t say I’m surprised. Don’t trust; verify. https://video.nostr.build/5761112251a6d4cb03e6a44e2e4270b63576a9251068e1e53ffa00b91a9dc9d5.mp4
Discussion
That early bitcoiner, Hal finney, already predicted a long time ago that the banks will distribute bitcoin banked notes no? I Can see it happening. Is it bad or good? It’s free market. As long as the government doesn’t ban personal ownership it will be fine
Agreed.
Banks holding hard money is what got us into this mess in the first place 😂
Nah, I think it’s fundamentally different. It’s really nuanced but Bitcoin has properties which allow it to not suffer the same fate as gold.
If we had to rely on banks not using or holding Bitcoin for it to work, we would have already lost.
Exchanges holding bitcoin slowed it down from what it could do for the world. It doesn’t necessarily mean it’ll stop it.
I’ve listened to all his podcasts and never heard him say we need banks to custody crypto. That defeats the whole purpose of bitcoin.
No. It only compromises aspects of Bitcoin like censorship resistance and trust-less bearer money. The supply cap continues to be enforced no matter who has custody of it. If fiat had a hard, unchangeable, known supply cap, or even if gold had one, there could be no bailouts.
And he has frequently talked about how we need financial products for Bitcoin because it’s impossible to expect companies and investment funds to hold their own keys in a single wallet. He uses a custodian for all of microstrategy’s Bitcoin. I’m not saying either of those things are good, but I don’t think he’s a bad actor because he holds that perspective.
I’m not saying he’s a bad actor but I am saying not to trust him. Don’t trust anyone for that matter.
It wouldn’t surprise me if he supported government calls for regulatory clarity, more KYC laws, and bans on privacy tools. He sounded very much like a statist in his last podcast with saidedean on conceived in liberty