Bitcoin bull Michael Saylor has hinted at taking a page from Satoshi Nakamoto’s book, planning to “leave” his Bitcoin behind.
Background
- In a recent interview, Saylor acknowledged that like fire, steel, and electricity, crypto is the next invention that will revolutionize economies
- He underlined that each of these energy revolutions was a shocking, scary paradigm shift
- In fact, people rejected it for decades together, but the ball got rolling eventually
- With respect to Bitcoin, Saylor asserted that he can hold it for a million years yet will not face any counterparty risk to a bank, a country, a corporation, a culture or a commodity manufacturer
Why should you pay attention?
- Chalking out what could be the next big moment for Bitcoin, the MicroStrategy executive underlined that certified banks agreeing to accept Bitcoin in savings accounts or as collateral for lending could prove to be a game changer
- Saylor recently advocated that BTC holders should rely on “too big to fail” banks that are “engineered to be custodians of financial assets” for custody services
- Ethereum co-founder Vitalik Buterin criticized his comments and classified it to be “batshit insane”’
- He also accused Saylor of advocating for regulatory capture, which goes against the ethos of crypto
Who said what?
- Getting back to square one and chalking out the essence of the world’s largest crypto asset, Saylor said,
“What is Bitcoin? It’s clean, silent, programmable, immortal money. It won’t cure your cancer and it won’t make you happy and it won’t solve your mental problems and it won’t make your children love you. [But] it’s economic energy”
- With respect to what he intends to do with his BTC stash, the Bitcoin bull said,
“I’m a single guy, I have no children — when I’m gone, I’m gone. Just like Satoshi left a million Bitcoin to the universe… I’m leaving whatever I’ve got to the civilization”
- He added,
“But it occurs to me that 8 billion people with crypto steel or economic steel can build something much grander in the 21st century than all the 20th century economists struggling with clay and cotton candy”
Zooming out
- Without putting his foot down, Buterin said that there's plenty of precedent for how the big-bank custody strategy can fail
- He underlined that, for him, this is not what crypto is about
