Vitalik Buterin joins critics of Michael Saylor’s pro-establishment comments. The co-founder of Ethereum was an early proponent of Bitcoin.
Bitcoin billionaire Michael Saylor has shocked crypto believers by saying that top crypto is safer in the hands of financial institutions like BlackRock, Fidelity and JP Morgan than private holders.
Vitalik Buterin was among those who slammed the MicroStrategy founder after he told an interviewer that unregulated “crypto anarchists” who don’t recognize government, tax or reporting requirements are at greater risk from authorities when they own bitcoin.
in InterviewJournalist Madison Reedy asked Saylor if fewer large firms owning bitcoin increased the risk of government seizure.
“I think it’s the opposite,” Sailer said.
“Saylor’s comments are batshit insane,” Ethereum co-founder Buterin said in one X postEchoes others who have made such claims Oversimplified What Bitcoin Accomplishes
“He seems to be clearly advocating for a regulatory capture approach to protect crypto,” Buterin added. “There’s plenty of examples of how this strategy can fail, and to me it’s not about crypto.”
Although best known for his work on Ethereum, Buterin was an early proponent of Bitcoin, co-founding Bitcoin Magazine in 2011 and helping to create the Bitcoin Wallet in 2013.
Buterin has also written extensively on how crypto can create a fairer and more resilient financial landscape and how its decentralization means it can operate outside of existing systems.
Join the community to get our latest articles and updates
Institutions and Bitcoin
Adoption of crypto among institutions has been supercharged by the launch of exchange-traded funds.
In January, the Securities and Exchange Commission approved spot bitcoin ETFs, and then greenlighted spot ethereum ETFs in July.
Saylor praised the adoption of bitcoin ETFs. Last month, he said there would be a recent approval of options for BlackRock’s Bitcoin ETF speed up Organizational adoption.
Buterin’s stance on ETFs is less clear. Comments Give a rare glimpse into his thinking from 2022.
“I’m very happy that most exchange-traded funds are late,” Buterin told X. “The ecosystem needs time to mature before we get more attention.”
‘Just like Satoshi’
It’s not just ETF issuers scooping up bitcoin.
MicroStrategy is the largest single corporate holder of Bitcoin, with 252,220 coins worth nearly $17 billion.
Siler told Reidy in an interview that he privately holds at least $1.1 billion worth of bitcoin.
He also revealed what he plans to do with his Bitcoin stash when he dies.
“Just as Satoshi left a million bitcoins to the universe, I will leave everything I have for civilization,” he said, referring to the pseudonym of Bitcoin creator Satoshi Nakamoto, who deliberately gave up access to the 1.1 million bitcoins he owns. Purses.
What MicroStrategy will ultimately do with its bitcoin, however, is anyone’s guess. Saylor said the plan is for the firm to never sell its bitcoin and continue to issue bonds to buy more.
Crypto market movers
Bitcoin is down 1.4% today and is trading at $66,510. Ether has fallen 2% in the last 24 hours and is at $2,585.
What are we studying?
Ethereum’s Mission for the Edge: Consensus and Implementation on a Smart Watch – Not boundNigeria drops money laundering charges against jailed Binance executive – NewsWho’s Afraid of Gary Gensler? Not Dan Wilson, the trader who had beaten the regulator once before – CoinDeskThe primary bridge ETH for Coinbase’s L2 base has reached record levels – Not boundThese $BTC vs. Gold ETF charts are wrong – Milk RoadHow Weird AI Cults Are Creating the New Billion-Dollar Crypto Memecoin Bubble — News
Tim Craig is News’ Edinburgh-based DeFi correspondent. Reach out with tips at [email protected].
Related TopicsVitalic ButyrinMicrostrategy
