“Batshit Insane”: Vitalik Buterin Slams Michael Saylor Over Call For Crypto Custody In Big Banks
Ethereum co-founder Vitalik Buterin slammed Michael Saylor’s suggestion that investors should store their crypto with big banks, calling the idea “batshit insane.” “I’ll happily say that I think Saylor’s comments are batshit insane,” the Ethereum co-founder said in an Oct. 22 post on X post. Vitalik Buterin Says Bitcoin Custody Through Banks Can Fail Buterin said Saylor is arguing for a ‘’regulatory capture’’ approach to protecting crypto. Some argue that has advantages because when regulated entities like BlackRock and Fidelity custody crypto assets, lawmakers and law enforcement arms are, as Buterin acknowledged, ” invested in those entities.’’ Still, the Ethereum co-founder is unconvinced it’s the best way forward. “There’s plenty of precedent for how this strategy can fail, and for me it’s not what crypto is about,” he said. Crypto was built to decentralize power...