Saylor Challenges Bitcoin Orthodoxy With 'The Bitcoin Reformation'
Michael Saylor has sparked controversy in the Bitcoin community by publishing an essay titled 'The Bitcoin Reformation', which challenges some of the network's core dogmas. The essay, released on August 24, 2026, questions Satoshi Nakamoto's status as an oracle and the rigid self-custody requirements for Bitcoin users.
Saylor argues that self-custody is a right, not a duty, citing the Coldcard incident where over $100 million in losses occurred due to vulnerabilities in 'Bitcoin-only' wallets. He also advocates for a case-by-case approach to institutional custody, distinguishing it from the risks inherent to self-custody.
The essay has sparked a heated debate on X, with some praising Saylor's bold stance and others accusing him of diluting Bitcoin's essence. The proposal of BIP-110, which aimed to restrict data included in Bitcoin transactions, was rejected by the network, further fueling Saylor's argument that conviction does not equal consensus.