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Saylor Changes Mind About Storing Bitcoin in Banks Due to Criticism

Saylor Changes Mind About Storing Bitcoin in Banks Due to Criticism

HappyCoinNewsHappyCoinNews2024/10/24 18:01
By:HappyCoinNews

Bitcoin fan Michael Saylor has changed his mind about the best way to store BTC after receiving a wave of criticism from members of the crypto community.

Saylor recently called people who hold bitcoins on their own "paranoid crypto anarchists" and advised BTC holders to send their coins to crypto wallets at major banks, which he believes are reliable custody providers.

However, this position was not expectedly supported by many cryptocurrency veterans. For example, the creator Ethereum (ETH) Vitalik Buterin call The approach proposed by Saylor is flawed because it leads to excessive centralization of the BTC blockchain, which runs counter to the principle of decentralization of the network.

Saylor Changes Mind About Storing Bitcoin in Banks Due to Criticism image 0

Vitalik Buterin

I support self-custody for those who want and can, the right to self-custody for all, and the freedom of individuals and institutions to choose their own type of custody service and provider. Bitcoin benefits from all forms of investment from all types of institutions, so we should welcome all of them, — wrote Sailor.

Among Michael's critics was Bitcoin -maximalist Max Kaiser , who said Saylor's snide remark about people holding BTC on their own plays into the hands of "centralized banking scammers" who kriptovalyuta and was created.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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