{"id":21273,"date":"2024-10-22T13:45:24","date_gmt":"2024-10-22T13:45:24","guid":{"rendered":"https:\/\/www.bitrabo.com\/discover\/?p=21273"},"modified":"2024-10-22T13:45:24","modified_gmt":"2024-10-22T13:45:24","slug":"michael-saylor-stuns-bitcoin-enthusiasts-with-his-bold-new-statements","status":"publish","type":"post","link":"https:\/\/www.bitrabo.com\/discover\/michael-saylor-stuns-bitcoin-enthusiasts-with-his-bold-new-statements\/","title":{"rendered":"Michael Saylor Stuns Bitcoin Enthusiasts with His Bold New Statements"},"content":{"rendered":"\n

In a recent interview<\/a> with journalist Madison Reidy, Michael Saylor, the CEO of MicroStrategy, sparked significant debate within the Bitcoin community regarding the issues of custody and regulation. The conversation highlighted concerns about large institutions possessing hefty amounts of Bitcoin (BTC) and the threats of possible government confiscation or intervention, drawing parallels to historical occurrences such as the 1933 gold confiscation under Executive Order 6102.<\/p>\n

Saylor downplayed fears about the risks of third-party custodians managing large quantities of BTC, stating that BTC is actually safer when held by regulated entities such as BlackRock, Fidelity, or JP Morgan, compared to unregulated private holders. He argued that Bitcoin in the hands of “crypto anarchists,” who operate beyond governmental oversight, could lead to higher risks of government involvement.<\/p>\n

\u201cI think it\u2019s the opposite. I think that when Bitcoin is held by a bunch of crypto anarchists who aren\u2019t regulated entities, it increases the risk of seizure,\u201d he stated.<\/p>\n

He stressed that regulated institutions contribute to stability and trust. \u201cWhen assets are held by recognized entities like BlackRock, Fidelity, JP Morgan, and State Street Bank, legislators and law enforcement have a vested interest in these institutions. It\u2019s unlikely that lawmakers would seize assets from these entities where they have their retirement funds,\u201d Saylor explained.<\/p>\n

Reidy referenced the historical context of gold confiscation under Executive Order 6102 as a precedent for potential government action. Saylor refuted this analogy, calling it a \u201cmyth and a trope\u201d propagated by paranoid \u201ccrypto anarchists,\u201d arguing that the situations are completely different since the US was once tied to the gold standard, which required gold control to manage the dollar\u2019s value.<\/p>\n

\u201cToday, we\u2019re not bound to the gold standard or even a Bitcoin standard,\u201d Saylor mentioned, asserting that the government lacks motivation to seize BTC held in custody any more than it would stocks or real estate. \u201cI believe Bitcoin held in custody isn\u2019t at any greater risk of government seizure than your Apple stock,\u201d he added.<\/p>\n

Backlash from the Bitcoin Community<\/h2>\n

Saylor\u2019s comments faced significant backlash from many Bitcoin advocates who prioritize decentralization and self-custody. Jack Mallers, CEO of Strike, reacted<\/a> on X, stating, \u201cLabeling self-custody as \u2018crypto-anarchism\u2019 oversimplifies the values of Bitcoin, which include freedom\u2014freedom of speech, property rights, and your right to ownership. We must uphold and defend these values.\u201d<\/p>\n

While praising Saylor, Mallers highlighted the importance of diverse opinions in a free market. \u201cI aim to defend the principles that make Bitcoin powerful: freedom and individual engagement,\u201d he added.<\/p>\n

Sina Nader, co-founder of 21st Capital, criticized<\/a> Saylor as well: \u201cSaylor\u2019s stance reflects poorly as he supports the government and banking system while belittling genuine Bitcoin enthusiasts. His mission seems aimed at turning Bitcoin into merely an investment rather than a currency.\u201d<\/p>\n

Samson Mow, CEO of JAN3, warned<\/a>: \u201cThe government doesn’t necessarily need to physically take your Bitcoin; it can just lock custodial BTC indefinitely with approved custodians, effectively creating \u2018Institutional Bitcoin.\u2019 A government not aligned with a Bitcoin standard may still have a motivation to undermine Bitcoin.\u201d<\/p>\n

Mow argued that governments might want to diminish Bitcoin because of its value as a “superior currency” that could threaten fiat currency systems. He urged individuals to prepare with self-custody solutions and to be vigilant about potential similar actions to Executive Order 6102.<\/p>\n

As of the latest update, BTC is trading at $67,707.<\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

In a recent interview with journalist Madison Reidy, Michael Saylor, the CEO of MicroStrategy, sparked significant debate within the Bitcoin community regarding the issues of custody and regulation. The conversation highlighted concerns about large institutions possessing hefty amounts of Bitcoin (BTC) and the threats of possible government confiscation or intervention, drawing parallels to historical occurrences […]<\/p>\n","protected":false},"author":1,"featured_media":21274,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"Michael Saylor Stuns Bitcoin Enthusiasts with His Bold New Statements - Bitrabo","description":"In a recent interview with journalist Madison Reidy, Michael Saylor, the CEO of MicroStrategy, sparked significant debate within the Bitcoin community regarding"},"footnotes":""},"categories":[316],"tags":[448,9656,9657,537,9655,1937,4980,3037,7017,3288,4249],"class_list":["post-21273","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-bitcoin","tag-bitcoin-world","tag-he-said","tag-latest","tag-latest-remarks","tag-michael","tag-michael-saylor","tag-remarks","tag-saylors","tag-shock","tag-world"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/21273","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=21273"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/21273\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/21274"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=21273"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=21273"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=21273"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}