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Saylor Isn't Insane, He's Selfish
Michael Saylor’s recent comments on Bitcoin custody, advocating for large financial institutions over self-custody, sparked backlash. Critics argue that his stance supports his own interests rather than Bitcoin’s decentralized principles.
Joe G & Money Talks
October 23, 2024 • Estimated Reading Time: 8 minutes
What we will talk about today...
Saylor Isn't Insane, He's Selfish
Bitcoin's Price Action Mirrors Trump's Election Odds
Bitcoin ETF $79M Outflow Ends 2-Week Bull Run Amid 'Sideways' Price
Michael Saylor’s recent comments on Bitcoin custody, advocating for large financial institutions over self-custody, sparked backlash. Critics argue that his stance supports his own interests rather than Bitcoin’s decentralized principles.
Main Points:
Saylor promotes institutional custody: He dismissed self-custody, advocating for banks like BlackRock to hold Bitcoin.
Backlash from the crypto community: Vitalik Buterin and others criticized Saylor’s views as a threat to decentralization.
Self-interest at play: Critics believe Saylor’s statements align with MicroStrategy’s interests, not the broader crypto ethos.
Institutional vs. individual control: Industry leaders warn that institutional control could stifle innovation and increase risk of seizure.
Detailed Insights:
Saylor promotes institutional custody: In a recent interview, Saylor dismissed fears of government Bitcoin seizures, labeling self-custody advocates as “paranoid crypto-anarchists” and suggesting that institutional custody offers greater security.
Backlash from the crypto community: Ethereum founder Vitalik Buterin called Saylor’s stance “insane,” arguing that relying on regulatory capture undermines crypto’s core decentralized values.
Self-interest at play: Critics, like Casa co-founder Jameson Lopp, believe Saylor’s push for institutional control benefits his company’s massive Bitcoin holdings rather than promoting financial freedom.
Institutional vs. individual control: Lopp and others warn that centralizing Bitcoin custody could limit innovation and increase the risk of government seizure, countering the original vision of decentralization.
I probably did more than most to spread the "mountain man" trope (btw I consider those remarks of mine outdated; snarks and AA changed the tradeoff space completely), and I'll happily say that I think @saylor's comments are batshit insane.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… x.com/i/web/status/1…
— vitalik.eth (@VitalikButerin)
11:57 PM • Oct 22, 2024
💥NEW: Ethereum, BNB, Solana, Ripple, Cardano will be deemed a securities this summer and will never be accepted by Wall Street- Michael Saylor
— Radar🚨 (@RadarHits)
12:00 PM • May 3, 2024
Saylor’s controversial views have ignited a debate over whether institutional adoption or self-custody better protects Bitcoin’s future.
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Bitcoin's Price Action Mirrors Trump's Election Odds
Bitcoin's recent price surge is being linked to rising optimism around Donald Trump's 2024 election chances, though some analysts believe Bitcoin will perform well regardless of the election outcome.
𝗨𝗣𝗗𝗔𝗧𝗘: 𝗧𝗘𝗦𝗟𝗔 𝗕𝗜𝗧𝗖𝗢𝗜𝗡 𝗪𝗔𝗟𝗟𝗘𝗧𝗦
We believe that the Tesla wallet movements that we reported on last week were wallet rotations with the Bitcoin still owned by Tesla.
Tesla moved their entire balance of 11,509 BTC ($776.9M) to new wallets. x.com/i/web/status/1…
— Arkham (@ArkhamIntel)
8:29 PM • Oct 22, 2024
Main Points:
Bitcoin’s price and Trump’s odds: Analysts suggest a correlation between Bitcoin's price movements and Trump’s rising election odds.
Bitcoin ETF call options: Deribit data reveals significant Bitcoin call options around $80,000 expiring in late November, tied to election speculation.
Tesla holds $780M in Bitcoin: Despite recent wallet transfers, Tesla retains $780M in Bitcoin, calming fears of a market dump.
Gensler comments on Bitcoin: SEC Chair Gary Gensler sidestepped regulatory questions, wishing Bitcoin a "sweet sixteen" ahead of its white paper anniversary.
Detailed Insights:
Bitcoin’s price and Trump’s odds: According to Bitfinex analysts, Bitcoin's price surge to over $69,000 is linked to Trump's improving election chances, with prediction markets now giving him around 60% odds of victory.
Bitcoin ETF call options: Data from Deribit shows Bitcoin call options near $80,000 set to expire in late November, suggesting market anticipation of potential volatility due to the election.
Tesla holds $780M in Bitcoin: Tesla moved $780M worth of Bitcoin across seven wallets on Oct. 15 but retained ownership, quelling concerns of a potential selloff.
Gensler comments on Bitcoin: SEC Chair Gary Gensler, in a recent interview, emphasized continued regulation by enforcement, while avoiding questions on how the SEC would react if Trump wins.
@BitMEXResearch I'm not Satoshi.
— Peter Todd (@peterktodd)
11:05 PM • Oct 8, 2024
Bitcoin’s price fluctuations and Trump’s election prospects continue to intersect, with institutional players and regulatory bodies keeping a close watch on future developments.
₿itcoin reached $66,754. -0.43%
♢Ethereum reached $2,593. -1.35%
Institutional investors paused their Bitcoin buying spree as BTC price action remains stagnant. A $79M outflow from Bitcoin ETFs ended a two-week bull run.
Institutional ownership of U.S. #Bitcoin Spot ETFs is around 20%, with asset managers holding 193K BTC (per Form 13F filings). x.com/i/web/status/1…
— Ki Young Ju (@ki_young_ju)
11:35 AM • Oct 22, 2024
Main Points:
ETF outflow halts bull run: Bitcoin ETFs saw a $79.1M net outflow on Oct. 22, ending two weeks of positive flows.
Price consolidation: Bitcoin’s price is stuck around $67,000, affecting institutional demand.
ARK 21Shares ETF leads outflow: The ARK 21Shares Bitcoin ETF experienced $134M in outflows, driving the decline.
ETF growth remains strong: Despite the pause, Bitcoin ETFs have attracted significant institutional interest this year.
Detailed Insights:
ETF outflow halts bull run: After two weeks of inflows, US Bitcoin ETFs saw a net outflow of $79.1M, primarily due to the ARK 21Shares ETF, which saw $134M in withdrawals.
Price consolidation: Bitcoin’s sideways price action around $67K is contributing to the slowdown in institutional investments.
ARK 21Shares ETF leads outflow: The ARK 21Shares ETF was the main source of the outflow, while other ETFs, such as BlackRock’s iShares Bitcoin ETF, saw smaller inflows.
ETF growth remains strong: Despite the recent outflow, Bitcoin ETFs have accumulated over $20B in net inflows this year, highlighting continued institutional demand.
Good morning,
Yesterday's Bitcoin ETF flows were negative for $79.1 million.
Blackrock had $43 million of inflows, Ark had $134.7 million of outflows.
Price just going sideways around $67k.
source: @FarsideUK
— WhalePanda (@WhalePanda)
4:17 AM • Oct 23, 2024
The pause in ETF inflows reflects Bitcoin’s current price struggles, but overall institutional interest in BTC ETFs remains robust.
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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results