The backlash against MicroStrategy co-founder Michael Saylor continues to grow, with Ethereum's Vitalik Buterin recently describing his comments as "batsh*t insane" in a social media post.
According to Buterin, Saylor is advocating for a "regulatory capture" of crypto as a way of protecting it.
However, the Ethereum co-founder believes that this strategy could potentially fail. Needless to say, it would also undermine the very ethos of crypto, which centers around the idea of becoming your own bank.
Arman ShirinyanSaylor drew the ire of many members of the cryptocurrency community after ridiculing self-custody advocates as "crypto-anarchists." According to the billionaire, Bitcoin holders should rely on traditional financial institutions instead of buying hardware wallets.
Jameson Lopp, the chief security officer at Casa, recently noted that Saylor's approach will lead to increasing centralization and the disenfranchisement of Bitcoiners. Moreover, it will hinder the improvement of the Bitcoin network given that financial institutions will not care about advanced cryptographic features.
Some critics also recalled how Saylor previously praised the ability to self-custody Bitcoin. "You can put it in your head. You can memorize the freaking key," he said.
However, some Bitcoiners have also defended Saylor's controversial comments, arguing that he was just being realistic.
"He’s simply making the argument Bitcoin incorporated in our system — instead of outside the system — makes Bitcoin less vulnerable to government seizure or government hostility," one user said.
Vladislav Sopov
Dan Burgin