{"id":1490,"date":"2024-10-22T13:32:05","date_gmt":"2024-10-22T13:32:05","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=1490"},"modified":"2024-10-22T13:32:05","modified_gmt":"2024-10-22T13:32:05","slug":"michael-saylors-latest-remarks-shock-the-bitcoin-world-what-he-said","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=1490","title":{"rendered":"Michael Saylor\u2019s Latest Remarks Shock The Bitcoin World: What He Said"},"content":{"rendered":"
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In a recent interview<\/a> with journalist Madison Reidy, Michael Saylor, CEO of MicroStrategy, stirred a massive controversy within the Bitcoin community with his remarks on custody and regulation. The discussion centered around the risks associated with large institutions holding significant amounts of BTC and the potential for government seizure or confiscation, reminiscent of historical events like the gold confiscation under Executive Order 6102 in 1933.<\/p>\n

When questioned about the risks of having a significant amount of BTC held by third-party custodians and large institutions, Saylor dismissed concerns of increased seizure or confiscation. He argued that BTC is safer in the hands of regulated public entities like BlackRock, Fidelity, and JP Morgan than with unregulated private holders. Saylor suggested that when Bitcoin is held by \u201ccrypto anarchists\u201d who operate outside of government regulations and tax systems, it poses a greater risk of government intervention.<\/p>\n

\u201cI think it\u2019s the opposite. I think that when Bitcoin is held by a bunch of crypto anarchists who aren\u2019t regulated entities, who don\u2019t acknowledge government or don\u2019t acknowledge taxes or don\u2019t acknowledge reporting requirements, that increases the risk of seizure.\u201d<\/p>\n

He emphasized that regulated institutions provide stability and trustworthiness. \u201cWhen you have regulated public entities like BlackRock<\/a>, Fidelity, JP Morgan, and State Street Bank holding the asset, all the lawmakers and all the law enforcement arms are invested in those entities. There\u2019s no way that all the senators and all the congressmen are going to seize the assets from Fidelity and BlackRock or Vanguard because that\u2019s where all their retirement money is invested.\u201d<\/p>\n

Reidy brought up the gold confiscation under Executive Order 6102<\/a> during the Great Depression as a historical precedent for potential government seizure. Saylor dismissed this comparison, labeling it a \u201cmyth and a trope\u201d propagated by paranoid \u201ccrypto anarchists.\u201d He contended that the circumstances are fundamentally different because, at that time, the US was on the gold standard<\/a>, and the government needed to control gold to devalue the dollar.<\/p>\n

\u201cToday, we\u2019re not on the gold standard or the Bitcoin standard,\u201d Saylor stated. He argued that the US government has no incentive to seize BTC held in custody any more than it would seize stocks or real estate. \u201cI don\u2019t think we have to worry about Bitcoin held in custody being seized by the government any more than you have to worry about your Apple stock being seized by the government,\u201d Saylor claimed.<\/p>\n

Bitcoin Community Backlash<\/h2>\n

Saylor\u2019s remarks did not sit well with many in the Bitcoin community, who value decentralization and self-custody as core principles. Jack Mallers, CEO of Strike, responded<\/a> on X: \u201cCalling self-custody \u2018crypto-anarchism\u2019 oversimplifies what Bitcoin accomplishes. It\u2019s about freedom\u2014freedom of speech, property rights, and protecting your right to own what\u2019s yours. We must not dismiss it because freedom isn\u2019t promised\u2014it must be fought for and protected.\u201d<\/p>\n

He acknowledged his respect for Saylor but emphasized the importance of diverse views in a free market. \u201cMy goal is simply to defend the principles that I believe make Bitcoin powerful: freedom and the ability for anyone to engage with it however they see fit,\u201d Mallers added.<\/p>\n

Sina Nader, co-founder of 21st Capital, criticized<\/a> Saylor\u2019s position: \u201cTerrible look for Saylor to become a shill for the government and banking system and call true Bitcoiners paranoid. Saylor is on a mission to relegate Bitcoin into an investment pet rock and halt its usage as a currency.\u201d<\/p>\n

Samson Mow, CEO of JAN3, warned<\/a>: \u201cA government doesn\u2019t need to physically confiscate your Bitcoin. It can just lock custodial BTC into approved custodians forever, aka \u2018Institutional Bitcoin.\u2019 While a government that isn\u2019t on a Bitcoin Standard technically shouldn\u2019t have incentive to confiscate BTC, it actually does still have an incentive to degrade and attack Bitcoin.\u201d<\/p>\n

Mow suggested that governments might seek to undermine Bitcoin because it represents a \u201charder and superior money\u201d that could diminish the value of fiat currencies. He urged the community to \u201cplan accordingly\u201d with a self-custody solution and \u201cexpect [a] 6102,\u201d referencing the historical executive order.<\/p>\n

At press time, BTC traded at $67,707.<\/p>\n

\"Bitcoin<\/div>\n","protected":false},"excerpt":{"rendered":"

In a recent interview with journalist Madison Reidy, Michael Saylor, CEO of MicroStrategy, stirred a massive controversy within the Bitcoin community with his remarks on custody and regulation. The discussion centered around the risks associated with large institutions holding significant amounts of BTC and the potential for government seizure or confiscation, reminiscent of historical events […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-1490","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/1490","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1490"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/1490\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1490"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1490"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1490"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}