As Bitcoinย (BTC) becomes increasingly trending between investors aroundย theย globe, MicroStrategy co- founder and executive chairman Michael Saylor has pointed out the complications with self-custody and expressed his belief that there will come a time when all the major banks will offer Bitcoinย (BTC) custody services.
Nonetheless, Saylor stated that if Bitcoinย (BTC) was to become the solution for everyone on the planet, then it was inevitable that banks, corporations, governments, and non- profits all need Bitcoin, as he informed Kitco Newsโ Michelle Makori in an interview published on May 22.
Complication of self-custody
Reportsย by him, โthe City of New York is not going to allow the mayor to walk around with Bitcoinย (BTC) in personal custody, and itโs not really practical for the Defense Department of theย Unitedย States of America to let one general have all the Bitcoin.โ
With this in mind, Saylor believes that:
โLarge institutions, churches, corporations, and the like, theyโre going to need an infrastructure of custodians and banks, and so I do think there will be a time when all the big banks will custody Bitcoin.โ
Furthermore, he claimedย that some groups of people simply could not be reasonably expected to self-custody Bitcoin, such as children who inherited it or elderly people with dementia, in which case an institution like a trust company would have to step in that would manage their Bitcoinย (BTC) possessions for them.
Bitcoinย (BTC) in traditional institutions
Inย addition of that, Saylor highlighted that โif you believe nation- states will continue to exist, then youโre going to have Bitcoinย (BTC) held by institutional sources, theyโre going to have to have a bank to hold it for them.โ Therefore:
โI think that Bitcoinย (BTC) is inevitably going to permeate all of the traditional institutions in the world in different ways for different reasons โ economic reasons, physical reasons, political reasons.โ
As a reminder, enterprise business intelligence (BI) software vendor MicroStrategy has so far purchased over 140,000 BTC, which some, including Hal Press, the founder and CEO of the cryptocurrency-focused aย fundย ofย financing North Rock Digital, have criticized as a โcomically stupidโ strategy.
Inย theย meantime, the flagship decentralizedย financeย (DeFi) investment was atย theย timeย ofย publication changing hands at the price of $27,323, up 1.72 percent on the day and gaining 0.41 percent across the previous week, as it looks to reverse the losses of 1.70 percent accumulated inย theย previous 30ย days, as per data retrieved by Finbold on May 23.
Featured image via Lex Fridman YouTube
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