Michael Saylor is one of the most well known cryptocurrency advocates. Thanks to his bold move of investing in BTC, his company earned a hefty reward, and Saylor has been able to use this success to showcase the merits of crypto. Although I tend to agree with most of his comments regarding cryptocurrency, I think that the recent Canadian Trucker Protests should cause us to re-examine one of his conclusions. In this post, I will do my best to make the case that holding crypto with a third party custodian that provides fiat settlement services more or less re-creates the existing financial system under a different name and negates the peer to peer nature of cryptocurrencies in favor of convenience.
References
https://bitcoin.org/bitcoin.pdf
https://twitter.com/saylor/status/1313494150554308615
https://twitter.com/APompliano/status/1495038292773019655
https://www.cbc.ca/news/politics/ottawa-protests-frozen-bank-accounts-1.6355396
