MicroStrategy’s Michael Saylor expressed the opinion in a recent podcast interview that the purchase and subsequent centralization of Bitcoin (BTC) by large corporations should not be a cause for concern.
Speaking with Natalie Brunell on the Coin Stories podcast released Aug. 7, Saylor stressed the inevitability that third-party and corporate involvement in the bitcoin space will increase.
However, he pointed out that while bitcoin enthusiasts want complete self-control over their bitcoin — also known as self-sovereignty — that may not be the only answer as people use bitcoin for different purposes.
“We have to be prepared for bitcoin to permeate everything,” Saylor explained, explaining that as bitcoin becomes more integrated into society, there will be many use cases and there will be no one-size-fits-all model.
“There are different types of packaging. Some people will always be self-perpetuating, others will have multiple signatures, still others will require a layer 3 manager. There will be a need for political, useful or functional purposes.”Michael Saylor speaks to Natalie Brunell, presenter of Coin Stories. Source: Coin Stories
Saylor identified three main reasons for the need for custodians – technical, political and natural.
From a political perspective, relying on a third party might be the only option.
“The Mayor of New York is still the Mayor of New York. Unless you give up New York City, California or Iceland, political reasons will require administrators.”
Related: Saylor’s MicroStrategy Plans $750 Million Stock Sale and May Buy More Bitcoin
From a technical point of view, there will be people who want to conduct cryptocurrency transactions using their mobile phones. Therefore, trusting Layer 3 third parties such as Bank of America and Apple will be inevitable.
“Bitcoin will be a base layer. There will be layer 2 like a flash to make things fast. Then there will be Layer 3 companies like Bank of America and Apple. Custody Layer 3 will exist to provide functionality.”
Michael Saylor speaks to Natalie Brunell, presenter of Coin Stories. Source: Coin Stories
For natural reasons, Saylor suggested the possibility that certain people might be safer entrusting their wealth to others.
He gave the example of an 85-year-old struggling with Alzheimer’s or the desire to secure property for an unborn grandchild.
“I didn’t complain that my mom and dad had the car keys when I was 12 and I didn’t get the car key,” Saylor explained.
Saylor explained that the optimal mix of Bitcoin integrations will be determined by the market.
“We shouldn’t be afraid of all the different ways people integrate, package, embed or run bitcoin. There is no right answer, the market will determine the right mix of Bitcoin integrations.”
Magazine: Why Coin Stories’ Natalie Brunell doesn’t want a new Bitcoin high any time soon: Hall of Flame
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.