Bitcoin purchases by multinational corporations are not to be feared as per Michael Saylor
Michael Saylor, in a recent podcast interview, laid out three primary factors driving the demand for custodians and stated why Bitcoin being owned and custodied by businesses should not be feared.
MicroStrategy’s Michael Saylor recently spoke on a podcast and said that the increasing number of huge companies who are buying Bitcoin and keeping it in cold storage is nothing to worry about.
Coin Stories, a podcast hosted by Natalie Brunell and broadcast on August 7, included an interview with Saylor in which he discussed the inevitable rise of corporate and third-party involvement in the Bitcoin market.
However, he said that this may not be the only solution, since individuals would use Bitcoin for a variety of reasons, and Bitcoin supporters may want complete control, or sovereignty, over their Bitcoin.
Saylor said, “We need to be prepared for Bitcoin to infuse everything,” noting that the cryptocurrency’s widespread adoption will lead to a wide variety of applications, making it impossible to standardise on a single approach.
There are several packaging options. There will always be some who rely on self-custody, others who prefer multisig, and those who need a layer-3 custodian. For political, practical, or functional reasons, there will be a need.
Saylor detailed the technological, political, and environmental factors that contribute to the need for caretakers.
Politically, it might be necessary to depend on an outside source. The Mayor of New York still has the position. The necessity for caretakers is politically motivated and cannot be avoided until New York City, California, and Iceland are abolished.
Technically, Saylor predicts that users will want to make cryptographic mobile transactions, therefore it will be necessary to trust layer-3 third parties like Bank of America and Apple.
Bitcoin is destined to play a foundational role. Layer 2 lightning will make things much quicker than they are now.