As a seasoned crypto investor with more years under my belt than I care to admit, I’ve learned that the world of cryptocurrencies is as volatile as it is fascinating. The recent back-and-forth between Michael Saylor and the crypto community over self-custody versus bank custody has been an intriguing spectacle to watch unfold.
As a researcher, I recently observed that MicroStrategy’s founder, Michael Saylor, has retracted his statement suggesting that large financial institutions should manage Bitcoin holdings. This shift in stance followed a wave of criticism from the cryptocurrency community.
As a crypto investor, I firmly believe that everyone who is capable should have the power to self-manage their digital assets – a principle I’ve recently championed in a post on October 23rd. In essence, this means giving individuals and institutions worldwide the freedom to select their preferred method of custody and custodian without any restrictions.
In recent times, Saylor has faced criticism from the cryptocurrency community, even from Ethereum’s co-creator, Vitalik Buterin, following his comments about “cryptographic hypochondriacs” in a recent discussion.
Simultaneously, he advised that individuals holding Bitcoins might consider entrusting their assets to large banks labeled as “too big to fail,” which have been specifically designed to manage and safeguard financial assets.
Saylor emphasized that Bitcoin gains from investments by any individual or organization, inviting everyone to participate in it, as part of what seems like a fresh perspective he shared on the subject.
In simpler terms, Gabor Gurbacs, an advisor at VanEck, expressed that this stance isn’t a contentious one; it’s just a matter of good old-fashioned common sense.
In simpler terms, Joel Valenzuela, a marketer at Dash, referred to the move as a “surrender” and implied that Saylor had revealed his true nature.
The Oct. 21 interview sparked debate about self-custody but also enraged Bitcoiners such as Samson Mow, who mocked the “crypto-anarchist” label.
On October 23rd, Max Keiser expressed his viewpoint that the recent criticisms against self-custody show a backward inclination towards supporting the corrupt, traditional, centralized banking systems which Bitcoin is designed to correct.
On October 23rd, the CEO of Ledger, a company that manufactures hardware wallets, Pascal Gauthier, expressed his viewpoint to CryptoMoon: “Self-custody is essential for cryptocurrencies, so it’s almost irrelevant if all coins end up in an ETF or exchange.” He made this statement while promoting his products at a blockchain conference in Dubai.
Yet, it’s important to note that self-custody method isn’t entirely risk-free. In 2020, the company suffered a hack, causing a significant data breach. This incident exposed the personal details of hundreds of thousands of Ledger customers, which were later sold on the dark web. Consequently, there has been an ongoing wave of phishing attacks linked to this incident.
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2024-10-24 06:11