# Vitalik says that Saylor's Big Bank BTC custody comments are batshit insane

Source: https://x.com/VitalikButerin/status/1848876323026178429
Kiwi News: https://news.kiwistand.com/stories/Vitalik-says-that-Saylors-Big-Bank-BTC-custody-comments-are-batshit-insane?index=0x6718c55c1e4f4af3e42aeb4de705886412c0ce834c2bce53e888ce0f44fa5dd8dca632fc
Submitted by macbudkowski.eth on 2024-10-23 UTC, 1 upvote, 2 comments

## Summary

Vitalik Buterin calls Michael Saylor's comments on Bitcoin custody "batshit insane" and says the approach is not what crypto is about. He says Saylor is explicitly arguing for a regulatory capture approach to protecting crypto, quoting Saylor's point that when regulated public entities such as BlackRock and Fidelity hold the asset, lawmakers and law enforcement become invested in those entities. Buterin says there is plenty of precedent for how this strategy can fail.

## Article

I probably did more than most to spread the "mountain man" trope (btw I consider those remarks of mine outdated; snarks and AA changed the tradeoff space completely), and I'll happily say that I think @saylor's comments are batshit insane.

He seems to be explicitly arguing for a regulatory capture approach to protecting crypto ("when you have regulated public entities like Blackrock and Fidelity and ... holding the asset, all the lawmakers and law enforcement arms are invested in those entitites"). There's plenty of precedent for how this strategy can fail, and for me it's not what crypto is about.

## Comments

**macbudkowski.eth**: Here's the interview with Saylor where he said the things quoted by Vitalik:
https://chowcollection.medium.com/markets-with-madison-the-bitcoin-revolution-risks-with-michael-saylor-part-two-bca7ac29321f

**tim**: Credit where credit is due though: BTC reached a new ATH, ETH didn‘t