Michael Saylor’s Controversial Remarks on Bitcoin Self-Custody Stir Debate

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Michael Saylor to Invest $200M from MSTR Stock into Bitcoin

  • Michael Saylor criticized Bitcoin holders who distrust government and opt for self-custody, calling them “paranoid Bitcoin anarchists.
  • Saylor downplayed fears of Bitcoin confiscation, stating that the U.S. is not on a Bitcoin standard like gold in 1933.
  • His remarks about crypto-anarchists and their risk of seizure sparked strong reactions within the Bitcoin community.

Michael Saylor, the founder of MicroStrategy, has once again gained attention from the crypto community. In a recent interview with YouTuber Madison Reidy on February 18, he criticized owners of Bitcoin who do not trust the government; those with private keys. 

Such opinions have raised eyebrows on the internet mainly because they seem to differ from the decentralized consensus normally associated with crypto. Below is a transcript of Saylor’s testimony that concerns myths and risks related to Bitcoin, as well as other statements he made on X.

Saylor Questions Bitcoin Self-Custody

During the interview, Saylor dismissed the fears made by people who decide to keep Bitcoin in their own pockets instead of institutional ones such as BlackRock. The host Madison Reidy had some concerns about the dangers of custodians and future government confiscation of Bitcoin similar to how they took gold during the great depression.

In the period of the Great Depression US President Roosevelt gave a direct command to citizens to surrender all the gold they owned. This established gold was turned over willingly in return for $20.67 per ounce while later raising the price to $35 per ounce. Roosevelt’s action benefitted the US economy some feel that the same could happen to Bitcoin in the future. Saylor brushed up these issues saying that the U.S. is not on bitcoin standard and that he termed those who fear confiscation as ‘paranoid Bitcoin anarchists’.

Paranoid Bitcoin Anarchists” Spark Reactions

Saylor’s controversial statement regarding “paranoid Bitcoin anarchists” stirred the crypto community. He explained that Bitcoin owners who reject government regulations, taxes, or reporting requirements pose a higher risk of seizure.

https://twitter.com/AdamSimecka/status/1848131598044074289

His assertion that the fear of Bitcoin confiscation is unwarranted triggered strong reactions online. Despite the pushback, Saylor maintained that the risk of seizure lies with those who fail to cooperate with regulatory frameworks, rather than with mainstream investors.

The post Michael Saylor’s Controversial Remarks on Bitcoin Self-Custody Stir Debate appeared first on Crypto News Land.

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