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Ethereum founder 
Vitalik Buterin didn’t hold back in a recent Twitter exchange, criticizing MicroStrategy’s Michael Saylor for making light of the self-custody ethos.
What’s the scoop?
- Crypto Anarchists?: In a new interview, Saylor argued that
Bitcoin held by regulated entities would reduce risks and prevent government seizures, while suggesting that concerns over custody by large institutions come from “paranoid crypto anarchists.” - Harsh Words: Buterin called Saylor’s comments "batshit insane," claiming they represent a push for regulatory capture that undermines crypto’s core values. Buterin's response came to Bitcoin expert and self-custody advocate Jameson Lopp, who warned that relying on third-party custodians centralizes risk, weakens network security, and limits the development of advanced cryptographic features.
Bankless Take:
Vitalik’s sharp critique highlights the deep philosophical divide in the crypto space about the role of institutional players. Saylor’s argument for regulated custody may appeal to those seeking stability. But suggesting self-custody is for "paranoid anarchists" conflicts with the core tenets of decentralization and self-sovereignty that brought many people into crypto. That said, Saylor's company may have deep Bitcoin holdings, but it looks like he still has some learning to do about what makes Bitcoin special in the first place.
I probably did more than most to spread the "mountain man" trope (btw I consider those remarks of mine outdated; snarks and AA changed the tradeoff space completely), and I'll happily say that I think @saylor's comments are batshit insane.
— vitalik.eth (@VitalikButerin) October 22, 2024
He seems to be explicitly arguing for a…
