Saylor Calls for Bitcoin Reformation Beyond Founding-Era Orthodoxy

Michael Saylor is calling for a shift in how people think about Bitcoin, advocating for a 'Bitcoin Reformation' that moves beyond the strict orthodoxy of its early days. According to Saylor, who is Executive Chairman of Strategy Inc., this new approach would involve integrating Bitcoin into modern financial and political institutions, rather than isolating it within an ideologically pure economy.

One key aspect of this reformation is a shift from mandatory self-custody to making it a choice for users. Saylor argues that while self-custody remains essential as an exit option and a check on intermediaries, every holder does not need to manage private keys directly. He advocates for counterparty discrimination rather than rejection, separating custody from lending and weighing segregation, collateral, audits, insurance, and withdrawal rights.

The goal of this reformation is to make Bitcoin accessible to users who will never hold private keys themselves, according to Saylor. By integrating with banks, corporations, and governments, Bitcoin can reach a wider audience and capture a significant share of global capital. In fact, Saylor notes that even if Bitcoin were to replace all existing assets, it would still only be worth around $15 trillion, compared to the $157.8 trillion in equity market capitalization and $160.7 trillion in fixed-income securities.