KEY POINTS
- Bitcoiners are divided over Saylor's comments, but many pointed out that self-custody is at the heart of holding $BTC
- Some $BTC users suggested that the MicroStrategy executive may be 'on the radar' of big financial players
- Others are just plain frustrated that Saylor, known for his maximalist stance, appears to have changed his stance
Michael Saylor, the most prominent Bitcoiner of his era, is under fire from the cryptocurrency community after a recent interview where he was asked about the risk of Bitcoin seizure when a large entity is in custody of the digital currency.
Many Bitcoiners are criticizing Saylor, the founder of tech firm MicroStrategy, a major corporate holder of Bitcoin, for his comments in a recent interview on Markets with Madison, after the tech magnate seemed to blast BTC holders who don't trust regulated entities and governments.
Saylor Trends on X
The term "Saylor" is trending on X early Monday after clips of his interview with Madison Reidy circulated on the social media platform.
While Saylor is known for his bullish outlooks of Bitcoin prices and has repeatedly been a trending topic on X over the years due to his maximalist stance on the world's largest cryptocurrency by market cap, this time, he is going viral for his divisive comments that some crypto users think may have been taken in the wrong context.
The Question and Answer That Irked Many Bitcoiners
Reidy asked: "If there is more Bitcoin – Bitcoins held with these third-party custodians, what risk does that pose, having greater supply held by fewer large institutions? Does that increase the risk of seizure and confiscation, like we've seen with gold, and is that not exactly what Bitcoiners don't want to happen?"
Without much thought, Saylor responded, saying he believes it's the opposite.
Saylor thinks you are a paranoid crypto anarchist if you hold your own keys and don't trust the government. 😏 pic.twitter.com/6owj7LzrdM
— Adam Simecka (@AdamSimecka) October 20, 2024
"I think that when the Bitcoin is held by a bunch of crypto anarchists who aren't regulated entities, who don't acknowledge government or don't acknowledge taxes, or don't acknowledge reporting requirements, that increases the risk of seizure," he said.
He further noted that there is an "OG" crypto community that's "very hardcore" about holding their own BTC, but he went on to point out that 99.9% of the world's money "is actually in the traditional economy."
Reidy pressed Saylor further, going back to history and reminding Saylor of the time when Americans thought their gold was safe until an executive order was issued, banning the hoarding of gold.
For Saylor, the people who think the government will seize their Bitcoin treasuries are mostly "paranoid crypto anarchists." He went on to defend then President Franklin D. Roosevelt, saying he didn't seize the people's gold since people voluntarily "turned in" their gold stash.
He further argued that it's not very reasonable to compare Bitcoin to gold in terms of risk of seizure, adding that people have "inflammatory tropes" about the matter.
Outrage in Bitcoin Community
Many Bitcoin users took offense with Saylor's latest remarks, with one user arguing that Bitcoin no longer has much purpose if it can't be a self-custody asset.
Without self custody, Bitcoin has very little purpose besides selling it for more fiat or pumping a stock price. Why would we use proof of work then?
— Zombie Node (@UPaychopath) October 21, 2024
He seems to be regurgitating old ideas a lot lately. He’s exploring yield.
I think he’s gonna have a hard time.
British entrepreneur Lyndon Wood said it's okay to "always be paranoid when it comes to crypto and suspicious when it comes to government."
Another user raged at the fact that Saylor used to be "Bitcoin's spokesman" but appears to have been "Wall Street personified," and turns out to be a "fiat maxi."
Is Saylor Being Monitored?
While many Bitcoin users expressed dismay over Saylor's seeming turnaround from being a BTC hero to a crypto user who seems to have forgotten the core foundations of Bitcoin, some came to his defense.
He is forced to say this publicly so he doesn't alarm the authoritarian entities that be. He can't be on camera as a majority shareholder of a public company raising an alarm for everyone to trade their centralized currency for Bitcoin and put it in cold storage.
— Darth Yogi (@jcmartell07) October 20, 2024
Think about it
"He is forced to say this publicly so he doesn't alarm the authoritarian entities that be," one user said, while Shane Crockett of Salt Lending said Saylor was "talking about businesses and investment capital," not individual BTC holders.
Another user suggested that Bitcoiners look at the situation from Saylor's perspective and his position, being "way deep" in the BTC game.
Several Bitcoiners raised the question on whether Saylor was "on the radar of the big honchos." Another said the tech magnate may have "got a tap on the shoulder by his advisors/lawyers" because MicroStrategy is on the cusp of entering the S&P 500.
Saylor has yet to address the outrage among BTC users, but he did share links to his interview with Reidy on X.
