- Bitcoin‘s cypherpunk spirit challenges government authority.
- Michael Saylor dismisses concerns about government distrust.
- Bitcoiners turn against Saylor.
MicroStrategy made headlines in August 2020 as the first publicly traded company to adopt Bitcoin as a treasury asset. Then-CEO Michael Saylor championed it as a legitimate corporate investment, and his bold move won him a dedicated following among Bitcoin enthusiasts.
Now holding 252,220 BTC, MicroStrategy is the largest public Bitcoin holder and aims to become a “Bitcoin investment bank,” reinforcing its commitment to advancing the BTC narrative. However, recent remarks from Saylor have upset Bitcoiners, who fear he’s getting too close to the US government despite Bitcoin’s anti-authoritarian roots.
Saylor: The Govt Won’t Seize Your Bitcoin
In a recent interview on the Markets with Madison YouTube channel, Saylor sparked controversy by expressing support for governments. This stance didn’t sit well with some in the Bitcoin community.
Sponsored
Saylor’s controversial remarks came during a discussion on whether institutional Bitcoin adoption increases the risk of government seizure, similar to the gold confiscation of the 1930s.
Saylor argued that the opposite is true, claiming Bitcoin is more likely to be seized if the network is controlled by unregulated “crypto-anarchists” who reject government authority, taxes, and reporting requirements.
When host Madison Reidy brought up the 1933 gold seizure under Executive Order 6102, Saylor dismissed the comparison as unfounded paranoia. He asserted that no gold was forcibly taken and that citizens voluntarily handed over their gold without coercion.
Saylor concluded that since the US isn’t on a Bitcoin standard, it’s unreasonable to draw parallels between the gold confiscation of the past and a potential Bitcoin seizure in the future.
Bitcoiners Voice Concerns
Despite Saylor downplaying the risk of government interference, some in the Bitcoin community emphasized that its core principle as a permissionless, peer-to-peer network is fundamentally at odds with centralized authority.
Adam Simecka, the founder of Manna, found it surprising that Saylor considers those who prioritize self-custody and distrust government as “paranoid crypto-anarchists.”
Joining in to express his concerns, Max Keiser referenced Saylor’s past run-in with the SEC on accounting fraud charges, accusing him of “#BatteredWifeSyndrome” for now endorsing government involvement.
Influencer “Joe007” warned of a looming conflict, calling Saylor’s attempt to redefine Bitcoin’s decentralized nature the “Saylorization of Bitcoin.” He urged his followers to “know your side,” cautioning that “your freedom” is at stake.
On the Flipside
- Arthur Hayes previously warned that Bitcoin could become “just another state-controlled financial asset” following the approval of BTC ETFs.
- Pew Research showed that public trust in government is near historical lows.
- The penalty for not complying with Executive Order 6102 was a $10,000 fine ($243k in today’s money) or ten years imprisonment.
Why This Matters
As Bitcoin teeters between revolution and regulation, Saylor’s stance could herald a new era in which crypto’s success hinges on following the rules.
Craig Wright accuses Michael Saylor of corrupting Bitcoin’s ideals.
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Bitcoin moves closer to its ATH, sending bullish sentiment soaring.
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