Michael Saylor argues that banks that are “too big to fail” should take on the task of holding bitcoin for investors. Why this change in thinking about banks?
Michael Saylor wants to keep bitcoins in banks
Following the collapse of FTX in November 2022, Saylor stated that bitcoin self-storage is the foundation of the cryptocurrency mainnet.
If you can’t store your coins yourself, there is no way to create a decentralized network
– he explained.
Now asked if the U.S. government could deprive Bitcoin holders of their rights to hold cryptocurrencies themselves, he replied that anyone who thinks about a possible state takeover of BTC is a “paranoid crypto-anarchist.”
It’s a myth and it’s been repeated over and over again. There’s just a lot of unnecessary fear
– he added in an interview with journalist Madison Reidy.
But then words were spoken that aroused considerable emotion in the community. Saylor said that perhaps – instead of relying on hardware wallets – it would be better to rely on “too big to fail banks designed to be custodians of financial assets.”
Has anyone changed their mind here?
The above sounds… strange, especially from someone like the founder of MicroStrategy, who has been trying to portray himself as a big fan of bitcoin for several years. Now he shows that he probably didn’t necessarily understand what Satoshi Nakamoto meant. After all, that’s what the cryptocurrency phenomenon is all about – you can keep your capital outside the bank!
Of course, if someone wants to keep their bitcoins on the stock exchange or in a bank (when it becomes fully possible), it is difficult to refuse. But remember the principle “not your keys, not your bitcoins”. The situation is similar with fiat currency in banks: history has examples of bank runs, during which people were de facto cut off from their savings – they had money, but in fact they didn’t have it!
Saylor’s vision isn’t particularly smart, although it would probably result in greater adoption. In practice, however, it would equate bitcoin with other assets that exist on the market – currencies or shares.
You can buy Bitcoin and other cryptocurrencies in a simple and safe way on the zondacrypto exchange.
