{"id":18002,"date":"2024-10-23T11:12:51","date_gmt":"2024-10-23T08:12:51","guid":{"rendered":"https:\/\/forklog.com\/en\/saylors-bitcoin-bequest-criticized-by-buterin\/"},"modified":"2024-10-23T11:12:51","modified_gmt":"2024-10-23T08:12:51","slug":"saylors-bitcoin-bequest-criticized-by-buterin","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/saylors-bitcoin-bequest-criticized-by-buterin\/","title":{"rendered":"Saylor&#8217;s Bitcoin Bequest Criticized by Buterin"},"content":{"rendered":"<p>MicroStrategy founder Michael Saylor intends to leave his bitcoins to humanity after his death, following the example of Satoshi Nakamoto.<\/p>\n<p><iframe loading=\"lazy\" width=\"1903\" height=\"748\" src=\"https:\/\/www.youtube.com\/embed\/DevkAbG1mGc\" title=\"The Bitcoin revolution &#038; risks with Michael Saylor (Part Two)\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;I am single, I have no children \u2014 someday I will be gone. Just as Satoshi left the universe 1 million BTC, I will leave civilization everything I have,&#8221;<\/em> the bitcoin maximalist stated.<\/p>\n<\/blockquote>\n<p>The entrepreneur described the first cryptocurrency as &#8220;pure, quiet, programmable, and immortal money.&#8221; He expressed confidence that with this asset, &#8220;humanity can build more grandiose things than all the economists of the 20th century.&#8221;<\/p>\n<p>Saylor did not specify whether he intends to follow Satoshi Nakamoto&#8217;s example by removing a certain portion of the issuance from circulation.<\/p>\n<p>In August, the businessman confirmed that he personally owns digital gold <a href=\"https:\/\/forklog.com\/en\/news\/michael-saylor-reveals-over-1-billion-in-bitcoin-holdings\">worth over $1 billion<\/a>. According to previous statements by the MicroStrategy founder, he holds 17,732 BTC or ~$1.19 billion at the time of writing.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Store Bitcoins in Banks<\/strong><\/h2>\n<p>In an interview, the entrepreneur discussed institutional adoption of bitcoin, its potential impact, possible risks, and the prospects of the digital economy.<\/p>\n<p>His recommendations to store the first cryptocurrency in major banks instead of non-custodial wallets caused significant controversy, contradicting his previous advice.<\/p>\n<p>According to the bitcoin maximalist, systemic institutions are designed to store financial assets.<\/p>\n<p>The MicroStrategy founder called the possibility of state-sanctioned seizure of digital gold from individuals a &#8220;myth,&#8221; and those who disagree with him &#8220;paranoid crypto-anarchists and scammers driven by greed.&#8221; He urged trust in government and credit organizations.<\/p>\n<p>Simon Dixon, author of &#8220;The Bank of the Future,&#8221; explained Saylor&#8217;s 180-degree turn on non-custodial storage as a desire for his company to become a bitcoin bank with a capitalization of $1 trillion.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Let me translate:<\/p>\n<p>\u201cI\u2019m downplaying the importance of <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> in self-custody because I\u2019m about to offer you a collateralized loan through my new bank.\u201d <a href=\"https:\/\/twitter.com\/saylor?ref_src=twsrc%5Etfw\">@saylor<\/a><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> anarchists: keep helping people gain freedom from banks, governments &#038; central banks <a href=\"https:\/\/t.co\/T4v13JvDRF\">pic.twitter.com\/T4v13JvDRF<\/a><\/p>\n<p>\u2014 Simon Dixon (@SimonDixonTwitt) <a href=\"https:\/\/twitter.com\/SimonDixonTwitt\/status\/1848388948298481756?ref_src=twsrc%5Etfw\">October 21, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Vitalik Buterin also weighed in, calling Saylor&#8217;s words &#8220;utter madness.&#8221; In his view, the MicroStrategy founder &#8220;has begun to support a regulatory &#8216;takeover&#8217; of the digital asset industry.&#8221; In other words, &#8220;when you have regulated state organizations like BlackRock, Fidelity and \u2026 asset holders [\u2026] hold coins in them.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">I probably did more than most to spread the &#8220;mountain man&#8221; trope (btw I consider those remarks of mine outdated; snarks and AA changed the tradeoff space completely), and I&#8217;ll happily say that I think <a href=\"https:\/\/twitter.com\/saylor?ref_src=twsrc%5Etfw\">@saylor<\/a>&#8216;s comments are batshit insane.<\/p>\n<p>He seems to be explicitly arguing for a\u2026<\/p>\n<p>\u2014 vitalik.eth (@VitalikButerin) <a href=\"https:\/\/twitter.com\/VitalikButerin\/status\/1848876323026178429?ref_src=twsrc%5Etfw\">October 22, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;There are many precedents for how this strategy can fail. For me, this is not what cryptocurrency needs,&#8221;<\/em> he explained.<\/p>\n<\/blockquote>\n<p>Recently, Saylor reiterated his forecast for bitcoin&#8217;s rise to $13 million by 2045, which he first <a href=\"https:\/\/forklog.com\/en\/news\/michael-saylor-predicts-bitcoin-to-reach-13-million-by-2045\">announced in July 2024<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MicroStrategy founder Michael Saylor intends to leave his bitcoins to humanity after his death, following the example of Satoshi Nakamoto. &#8220;I am single, I have no children \u2014 someday I will be gone. Just as Satoshi left the universe 1 million BTC, I will leave civilization everything I have,&#8221; the bitcoin maximalist stated. The entrepreneur [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":18001,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1229,1208,36,200,57],"class_list":["post-18002","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-banks-and-fintech","tag-michael-saylor","tag-regulation","tag-vitalik-buterin","tag-wallets"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/18002","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=18002"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/18002\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/18001"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=18002"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=18002"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=18002"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}