TechFlow news, on October 23, Ethereum co-founder Vitalik Buterin posted on social media calling recent comments by MicroStrategy Executive Chairman Michael Saylor about Bitcoin custody "complete nonsense." Vitalik pointed out that Saylor appears to explicitly advocate protecting cryptocurrencies through regulatory capture—namely, the idea that "when regulated public entities like BlackRock and Fidelity hold assets, all legislators and law enforcement agencies will have vested interests in these entities." Vitalik argued that this strategy has numerous precedents of failure and contradicts the fundamental principles of cryptocurrency.
Earlier, in an interview on October 21, Saylor claimed that Bitcoin holders would not suffer losses by entrusting their assets to major banks, dismissing concerns over government confiscation of Bitcoin as "unnecessary fear." This stance sharply contrasts with his previous support for Bitcoin self-custody. Saylor's remarks have sparked widespread controversy within the crypto community. Industry figures such as "Sina," founder of 21st Capital, and Simon Dixon, author of *Bank to the Future*, have questioned Saylor’s underlying motives, speculating they may be related to MicroStrategy's plans to transform into a "Bitcoin bank."
