During a recent podcast interview, MicroStrategy’s Michael Saylor expressed the opinion that large corporations purchasing and holding Bitcoin (BTC) in their custody should not be a cause for concern.
While speaking to Natalie Brunell on the Coin Stories podcast, released on Aug. 7, Saylor emphasized the inevitability of third-party and corporate participation growing in the Bitcoin space.
However, he suggested that while Bitcoin enthusiasts may desire total self-control, or sovereignty, over their Bitcoin, it might not be the only answer, as people will be using Bitcoin for diverse purposes.
“We need to be prepared for Bitcoin to infuse everything,” Saylor stated, explaining that as Bitcoin becomes more integrated into society, it will have many use cases, and there will not be a one-size-fits-all model.
“There are different types of wrappers. Some people will always be self-custody, some will be multisig, some will need a layer-3 custodian. There will be a need for political or utility or functionality purposes.”
Saylor outlined three main reasons underpinning the need for custodians: technical, political and natural.
From a political standpoint, relying on a third party might be the only course of action.
“The mayor of New York is still the mayor of New York. Unless you get rid of New York City, California or Iceland, the country, political reasons will mean the need for custodians.”
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Author: Ciaran Lyons
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