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Michael Saylor Sparks Controversy with Shift from Bitcoin Self-Custody to Institutional Trust

Michael Saylor faces criticism for endorsing institutional custodianship of Bitcoin over self-custody, a stance that contrasts with his previous advocacy for decentralized ownership.

Author

Steven Walgenbach
October 22, 2024

Breaking Crypto Stories

Here are the top stories today:

  • Bitcoiners Slam Saylor for Throwing Weight Behind ‘Too Big to Fail’ Banks

  • CFTC Chair Behnam Presses Congress To Act on Crypto and Election Betting Legislation

  • Mining PAC Launches Ad for Ted Cruz as Early Voting Begins in Texas

  • Bitcoin Hashrate Hits Record High: What It Means

  • Bitcoin Eyes $70K as US Election Heats Up

  • Valory Unveils Pearl: A Desktop App Bringing AI Ownership to Everyone

Question of the Day

Is the recent correction a buying opportunity or the start of the end for the election hype?

Michael Saylor faces backlash for suggesting Bitcoin custodianship through "too big to fail" institutions, marking a shift from his previous support for self-custody.

  • Saylor's comments advocating for Bitcoin custodianship via large financial institutions rather than self-custody sparked criticism, with some viewing it as a contradiction of his past stance on Bitcoin ownership.

  • Critics argue that his shift may benefit MicroStrategy's long-term plans for institutional Bitcoin services, while others see it as undermining the importance of decentralization.

  • Some supporters believe Saylor's message targets institutions rather than individuals, suggesting that larger entities require custodial solutions.

😱CFTC Chair Behnam Presses Congress To Act on Crypto and Election Betting Legislation

CFTC Chair Rostin Behnam urges Congress to address crypto regulation and election betting, with significant legislative action likely delayed until 2025.

  • Behnam is pushing for more congressional action on crypto regulation, including bills like FIT21, which aims to expand the CFTC's authority over digital commodities.

  • The CFTC is also grappling with legal challenges related to election betting, following a court ruling against its attempts to block such contracts on Kalshi's platform.

  • Legislative progress on these issues is unlikely before 2025, given the current political landscape and upcoming holidays.

The Bitcoin Voter PAC, backed by crypto mining executives, launched ads supporting Republican candidates Ted Cruz and Donald Trump as early voting begins in the U.S.

  • The Bitcoin Voter PAC, led by executives from major crypto mining firms, is running ads supporting pro-Bitcoin candidates Ted Cruz in Texas and Donald Trump in Pennsylvania during early voting for the November election.

  • The PAC, formed to advocate for crypto-friendly policies, has not yet reported any contributions or expenditures for the 2024 election according to Federal Election Commission records.

  • Texas, a hub for crypto mining, is seen as a significant battleground for digital asset policy, with Cruz endorsed by the Texas Blockchain Council for his pro-Bitcoin stance.

Bitcoin's record-high hashrate strengthens network security but also raises mining costs, impacting both miners and investors in the evolving cryptocurrency ecosystem.

  • The record-high Bitcoin hashrate boosts network security, making the blockchain more resistant to potential attacks.

  • Higher hashrate leads to increased mining costs due to intensified competition, requiring more advanced and energy-efficient equipment.

  • Future Bitcoin mining trends will likely involve further technological improvements and a focus on sustainability to manage costs.

Bitcoin is eyeing the $70K milestone amid the US election season, driven by institutional interest, inflation concerns, and evolving market dynamics.

  • Bitcoin's approach to $70K is supported by institutional interest and inflation concerns, as investors seek alternatives to hedge against economic uncertainty.

  • The US election season adds to market volatility, making Bitcoin a favored asset for those seeking stability during uncertain times.

  • Despite the upward momentum, risks such as regulatory uncertainty and environmental concerns could pose challenges to sustaining the rally.

🧠Valory Unveils Pearl: A Desktop App Bringing AI Ownership to Everyone

Valory's Pearl app democratizes AI ownership, allowing anyone to run autonomous AI agents, participate in agent economies, and explore DeFi with ease.

  • Pearl is a user-friendly, open-source desktop app that makes AI ownership accessible by allowing users to operate AI agents with just one click.

  • The app facilitates engagement in agent economies and DeFi, empowering users to participate in the evolving landscape of AI and blockchain.

  • Pearl's launch marks a significant advancement in co-owned AI technology, promoting transparency and inclusivity in the AI and cryptocurrency space.

ICYMI:

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