In a recent podcast conversation, Michael Saylor of MicroStrategy shared his viewpoint that the involvement of major corporations in procuring and securely holding Bitcoin within their control shouldn't spark apprehension, according to a press release.
Speaking with Natalie Brunell on the "Coin Stories" podcast, which was unveiled on Aug. 7, Saylor underscored the inevitability of an expanding role for third-party entities and corporations within the Bitcoin arena. Yet, he posed the notion that while enthusiasts of Bitcoin may aspire to retain complete autonomy or sovereignty over their holdings, this might not be the exclusive solution, given the diverse applications of Bitcoin.
"We must be prepared for Bitcoin to permeate all aspects," Saylor said, elaborating that as Bitcoin becomes more intertwined with society, its utility will span multiple domains without a single universal framework.
He outlined three core rationales that bolster the significance of custodial services: Technical, political and inherent. From a political stance, reliance on third-party entities might be the only practical recourse.
"The mayor of New York remains the mayor of New York. Short of eliminating entire cities or nations like California or Iceland, political considerations will necessitate custodians," Saylor said.
Regarding the technical perspective, Saylor envisaged scenarios where individuals would prefer to engage in crypto transactions via mobile devices, thus necessitating trust in layer-3 intermediaries like Bank of America and Apple.
"Bitcoin will serve as the foundational layer. Layer 2 solutions like Lightning will enhance speed. Beyond that, there will be layer 3 implementations such as Bank of America and Apple. Custodial layer 3 will exist to offer functionality," he said.
In terms of inherent reasons, Saylor suggested that some individuals might find it safer to entrust their assets to others. He illustrated this with the example of an 85-year-old coping with Alzheimer's or the desire to safeguard assets for a yet-to-be-born grandchild.
"I didn't protest when my parents had the car keys when I was 12 years old and couldn't drive," he said. Saylor affirmed that the ideal blend of Bitcoin integrations will be shaped by market dynamics.
"We should not shy away from the myriad ways in which people incorporate, envelop, embed or implement Bitcoin. There isn't a singular right solution; the optimal mix of Bitcoin integrations will be determined by the marketplace," Saylor said.
