Michael Saylor, founder of MicroStrategy, faces backlash for suggesting that Bitcoin users should rely on large banks for custody. Ethereum co-founder Vitalik Buterin openly criticized Saylor's viewpoint, labeling it as 'batshit insane.' This remark came after Saylor's post advocating for Bitcoin custody by 'too big to fail' banks, which marks a shift from his previous stance promoting self-custody. Critics like Jameson Lopp emphasize that self-custody is essential for individual Bitcoin holders and the broader integrity of the network. Saylor has also warned that non-regulated entities could heighten the risk of asset seizure. The discourse highlights a fundamental debate in the crypto community regarding the importance of self-custody versus reliance on traditional financial entities. Saylor's stance has been seen by some as advocating for regulatory capture in crypto, which could undermine the core principles of decentralization.

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