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Saylor Expresses Confidence in Corporate Bitcoin Custodianship
During a recent interview on the Coin Stories podcast, Michael Saylor of MicroStrategy discussed the future of Bitcoin (BTC). He argued that there's no reason to worry about large corporations buying and holding Bitcoin in their custody.
Increasing Corporate Participation
Saylor was clear on the Coin Stories podcast with Natalie Brunell, released on August 7, that he believes it's inevitable there will be an increase in third-party and corporate interest and involvement in the Bitcoin world.
Bitcoin Sovereignty versus Management by Diverse Users
While Bitcoin advocates often voice a preference for complete self-management of their Bitcoin holdings, Saylor postulated that this may not be the only viable approach. As people begin to use Bitcoin for a wider variety of purposes, accepting diversity in how it's managed becomes necessary. He elaborated this by stating, “we need to anticipate that Bitcoin will permeate everything.”
The Three Key Factors for Bitcoin Custodianship
Saylor cited technical, political, and natural reasons that necessitate the presence of custodians. Politically, Saylor pointed out that third-party reliance might be inevitable. He made the argument with examples of political entities, saying, “The mayor of New York is still the mayor of New York. As long as there are places like New York City, California, or Iceland, the concept of political authority necessitates custodians.”
Technically, there will always be people who choose the convenience of conducting crypto transactions on their mobile devices. Trusting layer-3 third-party entities, such as Bank of America or Apple, becomes inevitable, Saylor argued.
From the natural reasons perspective, certain individuals will arguably be safer if they entrust their assets to competent custodians. This could range from an elderly person with declining cognitive capabilities, to a person wanting to safely store assets for future generations.
The Future Shape of Bitcoin Integration
According to Saylor, the market will determine the most efficient blend of Bitcoin integrations.
