The backlash against MicroStrategy co-founder Michael Saylor continues to grow, with Ethereum’s Vitalik Buterin recently describing his comments as “batsh*t insane” in a social media post.
According to Buterin, Saylor is advocating for a “regulatory capture” of crypto as a way of protecting it.
However, the Ethereum co-founder believes that this strategy could potentially fail. Needless to say, it would also undermine the very ethos of crypto, which centers around the idea of becoming your own bank.
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Saylor drew the ire of many members of the cryptocurrency community after ridiculing self-custody advocates as “crypto-anarchists.” According to the billionaire, Bitcoin holders should rely on traditional financial institutions instead of buying hardware wallets.
Jameson Lopp, the chief security officer at Casa, recently noted that Saylor’s approach will lead to increasing centralization and the disenfranchisement of Bitcoiners. Moreover, it will hinder the improvement of the Bitcoin network given that financial institutions will not care about advanced cryptographic features.
