Vitalik Buterin called Michael Saylor on his views on Bitcoin storage. Saylor wants people to keep their Bitcoins with banks rather than in their personal wallets. Ethereum founder Vitalik Buterin dismissed the idea, calling it crazy. This sparked heated debates within the crypto community.
As you can see in post Vitalik Buterin continues to oppose centralized control of Bitcoin.
Let’s explore this topic!
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Analyzing Crypto Community Reaction to Saylor’s BTC Custody Proposal
Fundamental arguments
Buterin says Saylor wants banks to control Bitcoin. Vitalik Buterin disagrees with letting big companies like BlackRock and Fidelity manage people’s crypto. This goes against the reason cryptocurrencies were created: to allow people to control their money without relying on banks.
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Security experts raise red flags
Casa’s head of security, Jameson Lopp, sees dangers in Saylor’s plan. Banks may not care about improving Bitcoin’s security, which could slow down important updates needed to keep the network secure and running smoothly.
Market changes
MicroStrategy owns 252,220 Bitcoins worth $9.91 billion. They started buying in August 2020. Saylor says small businesses can’t catch up because his company is growing too quickly in the crypto market.
Price movements
Bitcoin is currently trading at $66,923 and large investors continue to buy more. Expert Michael Van de Poppe believes Bitcoin could reach $300,000 to $500,000. But he warns it could spell trouble for the global economy. Large buyers continue to invest despite recent price fluctuations.
What this means
The fight between Buterin and Saylor shows a bigger problem in crypto. Vitalik Buterin and Saylor disagree on who should control Bitcoin – banks or users. Their argument could change how crypto works in the future. This affects both technological development and government rules.
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