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Ethereum co-founder Vitalik Buterin has fiercely criticized MicroStrategy founder Michael Saylor’s recent comments advocating for Bitcoin custody through large banks. Buterin labeled the idea as “batshit insane,” expressing his dismay that Saylor, once a strong proponent of self-custody, now suggests relying on “too big to fail” banks like BlackRock and Fidelity to hold Bitcoin.
Vitalik Buterin argued that Saylor’s stance promotes a “regulatory capture” approach that contradicts the core principles of cryptocurrency. He emphasized that crypto was designed to resist centralization and government intervention, not to be managed by large financial institutions deeply integrated with regulatory authorities. According to Buterin, entrusting Bitcoin to traditional banks could lead to failures, undermining the decentralized ethos of crypto.
Saylor’s comments have sparked significant backlash. Notably, Casa’s Jameson Lopp and ShapeShift founder Erik Voorhees joined the debate, championing self-custody as critical to Bitcoin’s decentralized network. Voorhees stated that self-custody is the “check” that prevents centralization and corruption in the ecosystem.
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The controversy follows Saylor’s interview on Oct. 21, where he also criticized “crypto-anarchists” and warned that non-regulated entities increase the risk of asset seizure. His shift in opinion has drawn ire from many in the crypto space, who view it as a departure from Bitcoin’s core values.
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