Michael Saylor, the visionary crypto entrepreneur behind MicroStrategy, recently predicted that the major traditional financial institutions would eventually become custodians of the world’s largest cryptocurrency, Bitcoin. According to Saylor, custody of Bitcoin by big banks would be a prerequisite for the widespread adoption of BTC as a mode of payment.
Michael Saylor’s comments came during a recent interviewsiew with Kitco News. During the interview, the crypto entrepreneur reflected on various issues, including the adoption of Bitcoin, crypto regulation, and the recent turmoil in the traditional banking industry. Saylor also highlighted BTC’s potential as an inflation hedge and a store of value.
Speaking on Bitcoin’s performance since he started investing in it in August 2020, Michael Saylor pointed out that the flagship cryptocurrency had outperformed mainstream investment vehicles, including gold, silver, and the S&P 500. For Saylor, Bitcoin’s appeal as an alternative investment has led to MicroStrategy acquiring over 140,000 BTC in less than three years.
Michael Saylor stated that if Bitcoin were to be adopted by the masses globally, it would have to be made available to banks, corporations, government agencies, non-profit organizations, etc. Saylor added that in order to facilitate a functioning Bitcoin economy, a comprehensive infrastructure of custodians would have to be put in place.
According to Saylor, “there will be a time when all the big banks will custody Bitcoin.” The MicroStrategy Chief stated that despite the concerns surrounding custodians for crypto assets, self-custody would not be an option for everyone. He added that for Bitcoin to be nationally adopted, it would have to be held not just by individuals and retail traders, but also by financial institutions.
Describing himself as a “Bitcoin realist,” Michael Saylor highlighted that the threat to BTC’s integrity as an asset stems from the lack of transparency along with the rampant insider trading at the hands of “offshore non-transparent unregulated wildcat banks” cross trading and conjoining BTC with thousands of other assets.
