- Michael Saylor, co-founder of MicroStrategy, drew attention to crypto storage issues.
- Saylor stated that banks, companies, governments, and non-profit organizations will inevitably need Bitcoin
- MicroStrategy has purchased over 140,000 BTC so far.
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Michael Saylor, co-founder and former CEO of MicroStrategy, made statements about Bitcoin services in banks.
Bitcoin Storage Services in Banks
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As Bitcoin (BTC) becomes increasingly popular among investors worldwide, Michael Saylor, co-founder of MicroStrategy, drew attention to crypto storage issues and expressed his belief that all major banks will eventually offer Bitcoin storage services.
Saylor stated that if Bitcoin is to become a solution for everyone, banks, companies, governments, and non-profit organizations will all inevitably need Bitcoin.
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In an interview with Michelle Makori on May 22, Saylor stated, “New York City will not allow the municipality to personally store Bitcoin, and it is not practical for a general in the United States Department of Defense to have all Bitcoin.”
With these thoughts, Saylor believes:
“Large institutions, churches, companies, and similar places will need a custody infrastructure and will need banks, so I think there will be a time when all major banks will hold Bitcoin.”
He also claimed that there are some groups of people who cannot reasonably be expected to store Bitcoin themselves. For example, children who inherit Bitcoin or elderly people with dementia will need an institution like a trust company to manage their Bitcoin assets.
Bitcoin in Traditional Institutions
Saylor emphasized that “if you believe that nation-states will continue to exist, then you will believe that Bitcoin will be held by institutional resources and they will need a bank to hold it.” Therefore:
“I think it is inevitable that Bitcoin will penetrate all traditional institutions around the world in different ways for different reasons – economic reasons, physical reasons, political reasons.”
As a reminder, MicroStrategy has purchased over 140,000 BTC, which some, including Hal Press, founder and CEO of crypto-focused investment fund North Rock Digital, have criticized as a “ridiculously stupid” strategy.
Meanwhile, Bitcoin price is trading at a price of $27,323 with a 1.72% increase during the day at the time of writing, aiming to reverse the 1.70% losses accumulated last month with a 0.41% gain last week.