Ethereum co-founder Vitalik Buterin has openly criticized MicroStrategy Chairman Michael Saylor for his recent statements on Bitcoin custody. Saylor suggested that large banks should take on the responsibility of Bitcoin custody, sparking debates within the Bitcoin community.
Buterin’s Response
Buterin did not hold back in his criticism of Saylor’s proposal. He argued that trusting major financial institutions goes against the decentralized nature of Bitcoin. According to Buterin, such a move would weaken the fundamental principles of cryptocurrencies.
Previously, Saylor had advised Bitcoin users to manage their own self-custody, but he has since shifted his stance, advocating for large institutions to take over this role. This change has drawn criticism, especially from those in the community who value Bitcoin‘s decentralized structure. Critics argue that Saylor’s approach could lead to greater centralized control over Bitcoin, a scenario many find concerning.
Other Critics Speak Out
Jameson Lopp, co-founder of Casa, also disagrees with Saylor’s suggestion. Lopp warned that allowing large organizations to control Bitcoin custody could increase risks. He emphasized the importance of users participating in the network through self-custody to maintain the health of the Bitcoin ecosystem.
Similar criticisms have come from figures like Simon Dixon and John Carvalho, who argue that Saylor’s bank-centered approach could harm Bitcoin’s potential as a decentralized financial system.
Is Bitcoin’s Decentralization in Jeopardy?
The Bitcoin community remains apprehensive about Saylor’s proposal to involve large institutions in Bitcoin custody. Many believe this approach could jeopardize Bitcoin’s decentralized nature. Despite the controversy, Saylor remains optimistic about Bitcoin’s future, forecasting that its price could reach $13 million by 2045.
Bitcoin, decentralization, Vitalik Buterin, Michael Saylor
