Ethereum co-founder Vitalik Buterin has voiced strong objections to MicroStrategy President Michael Saylor’s recent statements about Bitcoin custody. Saylor suggested that large banking institutions should take on the responsibility of storing Bitcoin, a proposal that has ignited fierce discussions in the Bitcoin community.
What are Buterin’s Concerns?
Buterin criticized Saylor’s suggestion, emphasizing that depending on large banks undermines the core decentralized principles of Bitcoin. He contended that this approach would compromise the essence of cryptocurrencies and their intended autonomy.
What Do Other Experts Say?
Critics like Jameson Lopp from Casa have echoed Buterin’s sentiments, cautioning that ceding control to major financial entities could jeopardize the integrity of the Bitcoin network. Lopp advocates for self-custody as a means to ensure users maintain governance over their assets.
Other voices, including Simon Dixon and John Carvalho, have also raised alarms about Saylor’s focus on institutional custody, arguing that it may threaten Bitcoin’s viability as a decentralized financial alternative. The general sentiment within the Bitcoin community is one of skepticism and concern regarding Saylor’s approach.
- Buterin believes Saylor’s proposal contradicts Bitcoin’s decentralized nature.
- Critics argue that institutional control could endanger the network’s health.
- Many advocate for self-custody to preserve user autonomy and governance.
Despite the backlash, Saylor remains optimistic about Bitcoin’s prospects, predicting a potential surge to $13 million by 2045, which continues to fuel debates on the direction of Bitcoin’s governance.