Krutika Adani
In an interview, Michael Saylor, founder of MicroStrategy claimed that it was far better for retailers to use corporate custody rather than Bitcoin being held by unregulated crypto anarchists.
Vitalik Buterin slammed this statement calling it “Batshit Insane” and for promoting centralization of Bitcoin.
Though Saylor’s advice was on practical grounds, it was against the ethos of decentralization.
Yes, beginners can keep crypto in self custody as long as they keep their private keys safe. However, for those who do not want to do that, Bitcoin ETFs provide a safer way for them. Multiple incidents in the past show us how people got locked out of their wallets because they could not keep their passwords safe.
What Saylor said cannot be ignored because it goes against the very concept of decentralization, yet it also points out that not everyone can keep Bitcoins in their own custody.