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Michael Saylor, an ardent defender of Bitcoin, does not hide his passion for the flagship cryptocurrency. However, when it comes to protecting his bitcoins, he appears to want to delegate that power to “too big to fail” financial institutions. A coat-flipping that surprises, especially since Saylor previously advocated personal custody of BTC to counter institutional abuse. Today, it offers holders the ability to transfer their bitcoins to major banks instead of using hardware wallets.
Bitcoin and institutions: a marriage of convenience?
The very famous Michael Saylor recently stated this beware of state confiscation of bitcoins was crypto-anarchist paranoia. According to him, ftrusting the big banks as guardians is better to personal care (own care).
” Fears of government confiscation of Bitcoin are myths “, he insisted.
However, this manifestation will not go unnoticed: several figures in the BTC community see this change as an attempt to relegate Bitcoin to the position of a speculative assetrather than being a bargaining chip.
It doesn’t help that the decision comes after Saylor felt it bitcoin would reach $13 million per coin in 2045. But is such a perspective compatible with an institution-driven cryptocurrency? Many doubt it because:
- Institutions can accumulate excessive power;
- The risk of misuse is difficult to rule out;
- Decentralization loses its essence.
Crypto community disappointed by Saylor’s turnaround
A wind of discontent is blowing among the most die-hard Bitcoiners. Simon Dixon, author and Bitcoiner OG, suspects that Saylor’s speech may be hiding MicroStrategy with the aim of turning the company into a kind of “BTC bank” that will offer loans backed by this flagship cryptocurrency.
” Bitcoin anarchists should continue to help people break free from banks “, he protests.
John Carvalho, CEO of Synonym, also criticizes this face: the idea of “ Bitcoin as hope for all » seems less credible if “ crypto paranoid » are pushed aside in favor of institutions.
However, analysts believe it This notice is aimed primarily at large companies and investment fundsfor which personal custody remains impractical. The gamble is bold, but risks further dividing an already skeptical community.
Ultimately, it remains to be seen whether the still-controversial Saylor will be able to reconcile his grandiose bitcoin and trillion-dollar ambitions with the fundamentals of cryptocurrency.
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The blockchain and crypto revolution is in full swing! And on the day the effects are felt by the most vulnerable economy in this world, I will say against all hope that I had something to do with it
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.
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