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Vitalik Buterin Slams Michael Saylor’s Controversial Big Bank BTC Custody Comments

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Originally published on: October 23, 2024

Ethereum co-founder Vitalik Buterin has labeled MicroStrategy founder Michael Saylor’s recent suggestion that crypto users should rely on big banks for Bitcoin custody as “batshit insane.” This statement comes amidst a wave of backlash from the crypto community.

Buterin’s remarks were in response to a post by Jameson Lopp from Bitcoin custody firm Casa, endorsing self-custody. Saylor had previously recommended that Bitcoin holders should use “too big to fail” banks for custody, contradicting his previous stance on self-custody.

In Buterin’s opinion, Saylor’s stance reflects a regulatory capture approach that could put crypto assets at risk. Saylor’s comments have drawn criticism from various figures in the crypto industry, including Lopp and ShapeShift founder Erik Voorhees, who emphasized the importance of self-custody in maintaining the network’s integrity.

In a recent interview, Saylor justified his position by citing instances of exchange failures and user losses, advocating for large centralized intermediaries to safeguard crypto assets. However, his views have sparked a heated debate within the crypto community.

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