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    Saylor’s Bitcoin custody debacle highlights growing divide in crypto community

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    MicroStrategy CEO, Michael Saylor, caused uproar in the crypto community by suggesting owners should entrust Bitcoin to banks, rather than self-custody. The comments, later revised, were met with criticism, particularly given MicroStrategy’s substantial Bitcoin holdings. The incident underscores a divide within the crypto community, between those advocating for decentralisation and those supporting institutional integration.

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    Michael Saylor, CEO of software company MicroStrategy – a major investor in Bitcoin – stirred up some drama in the crypto world with his comments on Oct. 21 regarding Bitcoin storage. Saylor suggested that Bitcoin owners should trust their coins to big banks rather than keeping them under their personal control, a method known as self-custody. This idea got him labeled as “batshit insane” by Ethereum developer Vitalik Buterin and earned him a lot of hate from other big names in the crypto community.

    Saylor soon edited his original comments, affirming that he was totally supportive of people’s right to self-custody. This change of heart was essential, especially as it came after the revelation that his company, MicroStrategy, owned 252,220 Bitcoin (around $18.2 billion).

    The drama served to highlight a growing split among Bitcoin enthusiasts: on one side, you have those who are all for full decentralization, and on the other side, those who think institutional involvement in crypto is the way forward. This difference of opinion was supported by Nate Holiday, CEO of decentralized data company Space and Time, who emphasized that for many crypto enthusiasts, keeping control of their coins is more than just a preference – it’s vital to the revolutionary potential of Bitcoin.

    As crypto becomes more mainstream, the tussle between those who prioritize institutional adoption and those who stand by Bitcoin’s original decentralized ideals will probably continue. Despite these differences, as Saylor’s backtracking underscores, it’s crucial to keep a balance between Bitcoin’s roots as a revolutionary, decentralized currency and its evolution into a mainstream financial asset.

    Source: Cointelegraph

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