Ethereum co-founder Vitalik Buterin has spoken out sharply against the statements of Michael Saylor, co-founder of MicroStrategy, about cryptocurrency storage in banks. Sailor has been facing an avalanche of criticism after his recent interview on the podcast Markets with Madison.
Buterin called the statement by the co-founder of MicroStrategy that supporters of self-storage of cryptocurrencies are paranoid and assets should be stored in banks «complete madness». He pointed out that such a position is aimed at promoting custody of cryptocurrencies thanks to large institutional players that enjoy the support of government agencies, such as BlackRock.
«Saylor clearly advocates a regulatory capture approach to protecting cryptocurrencies… There are many examples of how this strategy can fail, and for me, it goes against the essence of cryptocurrency,» Buterin commented.
During an interview on the Markets with Madison podcast, Saylor shared his personal vision of the future of bitcoin and the evolution of the crypto community. He expressed concern about bitcoin being removed from centralized storage platforms.
«I believe that when bitcoin is in the possession of a group of crypto anarchists who are not regulated organizations, do not recognize government, taxes, or reporting requirements, it increases the risk of seizure», — Sailor said.
Interestingly, Sailor, a well-known crypto billionaire, previously paid $40 million to settle tax evasion charges and $8.5 million to settle financial fraud claims.
Also, during an interview with Markets with Madison, the co-founder of MicroStrategy said that since he has no descendants to whom he could pass on his cryptocurrency wealth, he will give it to humanity. He compared his contribution to Satoshi Nakamoto’s leaving a million bitcoins.
«When I leave, I leave. Like Satoshi, who left a million bitcoins for the world, I will leave what I have to civilization»,” said Saylor.
As of August 2024, MicroStrategy owns 252,220 BTC, making it the largest corporate bitcoin holder, and Sailor personally has more than $1 billion in bitcoin (about 17,857 BTC).