Month: October 2024

“It’s mostly paranoid crypto anarchists that say that.”

With these eight words, issued on the “Markets with Madison” podcast, Microstrategy CEO Michael Saylor evoked outrage from just about everyone in Bitcoin. 

Shinobi called him a “spook.” Carvalho was confused. Svetski claimed this will start the next Fork Wars.

Put simply, Saylor said a bad thing. He broke the taboo. He said you’re better off trusting your Bitcoin in state custody than holding your own private keys, then went further, calling out all of the businesses engaged in custody projects by calling them effectively bullshit salesmen.

It was, shall we say, a “big oof,” a “footgun,” the scene in the cartoon where the hero gets hit with an anvil. 

Here’s Adam Simecka’s clip from the full video:

Saylor thinks you are a paranoid crypto anarchist if you hold your own keys and don’t trust the government. 😏 pic.twitter.com/6owj7LzrdM

— Adam Simecka (@AdamSimecka) October 20, 2024

Yet, paradoxically, I’ll admit, it’s probably the most interesting thing Saylor has ever said?

For years, Saylor and the Cyber Hornets have been “Grut and the Minions,” Saylor using his pulpit to spout whatever bullish nonsense was in vogue, without adding anything of his own.

Other people said things, and then Saylor said them again. He was the “people’s champion,” a “man of plebs,” a role that even his mundane AI generated tweets seemed to underscore in tagging the artists, invariably some random pseudonym.

So, anger aside, I have to say, at this time, I’m undecided. Sure, as someone who lived through the Fork Wars, I find Svetski’s position romantic (It’s nice to think we’re in the midst of some larger struggle), but it’s perhaps too early to cry wolf.

Instead, I find myself (for once) actually trying to understand what Saylor is saying.

As far as I can tell, there’s really three ideas at play here:

This is a new thesis for how to boost Bitcoin adoption using public markets – Saylor is framing the self-custody question as not an issue to solve with innovation, but an issue to ameliorate. His view: It doesn’t matter how people own Bitcoin, only that they do. His preferred vehicle for this is the stock market, and he seems to want to co-opt it as a massive vehicle for buying Bitcoin and selling the exposure.

This thesis actually might solve the problem of how to fight the crypto market – This is also one of the more compelling things about Bitcoin “Season 2,” the idea you could “co-opt the crypto apparatus” as a means of getting retail involved. Here, Saylor seems to want to marshal his army of Bitcoin stocks for the purpose, his view retail will begin purchasing Microstrategy and Metaplanet, in lieu of memecoins, chasing as they always do, beta on Bitcoin.

It’s a novel thesis on convincing government to adopt Bitcoin – A world where Bitcoin is the reserve asset for regulated entities seems like one in which draconian laws become less viable. After all, in this world, Bitcoin would have a direct link to the U.S. economy (at least the version most politicians care about). You have to admit: “You can’t ban Bitcoin, it will hurt the stock market,” has a nice ring.

Of course, maybe the commentators are right. Saylor’s incentives seem to be departing from the network. Maybe he is placing his company and its quest to amass Bitcoin above all else, and it’s worth questioning his motives at this moment.

Some argue self-custody, if nothing else, is the core of Bitcoin, the fact that you can trust no one but yourself to hold and safeguard your wealth.

Then again, in Saylor’s view, inflation is the true boogeyman, the debasement of purchasing power, the far bigger issue.

Is it possible this is a giant government psy-op, that Saylor flew too close to the sun, and there are an army of regulators who are twisting his arm to say this? 

Sure, Microstrategy does work with intelligence agencies, but even then, intelligence agencies and their pension funds need somewhere to invest. A hyperbitcoinized world is surely one where these funds will also buy Bitcoin.

But I have to say, as someone who has never found Saylor very interesting… for now, I’m at least paying attention. 

I’ll start there.

This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

Bitcoin could be on the verge of a major new bull run. According to Tuur Demeester of Adamant Research, in his publication How to Position for the Bitcoin Boom, we may be in the early stages of a new multi-year bull market that could propel bitcoin prices into six figures.

“During this accumulation phase, we expect bitcoin to trade in a range of $22,000 to $42,000, until a new multi-year bull market pushes it well north of $120,000,” Demeester noted.

Imagine securing a substantial allocation of bitcoin before this bull run begins—an allocation that could appreciate completely tax-free, funded by an old retirement account that you might have totally forgotten about!

Step 1: Purchase hardware wallets

The first step is obtaining the tools you need to ensure your bitcoin is secure. A hardware wallet allows you to store your bitcoin keys offline, giving you full control of your funds.

Begin by purchasing a couple of hardware wallets, such as those offered by Trezor or Ledger. Unchained currently supports a range of devices, including the Ledger Nano X, Trezor Model T, and Coldcard Mk4. Check out the full list of hardware wallets Unchained supports.

For optimal security, it’s recommended to buy directly from the manufacturer, but purchasing from a trusted third-party retailer, like Best Buy, is also acceptable. This is especially true in the context of multisig which eliminates any single key as a single point of failure.

Make sure to get at least two wallets—you’ll need both to set up your Unchained IRA vault.

Step 2: Create an account on Unchained.com

Next, go to Unchained and create an account. The process is simple: provide your name, email, phone number, and create a strong password. Unchained takes your privacy seriously.

Once your account is created, select the type of account you need—in this case we’re creating an IRA account. If you prefer personalized assistance, consider opting for Unchained’s Concierge Onboarding, where a bitcoin custody expert will guide you through every step.

Step 3: Create your Unchained IRA account—with no setup or account fees for the first year!

Now it’s time to set up your IRA account. With an Unchained IRA, you can save bitcoin in a tax-advantaged manner while maintaining full control of your keys. There is no third-party risk because you hold the keys—ensuring that no one else can access your bitcoin.

Setting up an account is straightforward—there are no setup fees, account fees don’t start until the second year, and you can see trading fees on our pricing page. Unchained’s IRA offers both Traditional and Roth options, allowing you to choose the best fit for your retirement strategy.

Step 4: Follow the Self-Service guide for vault setup

After setting up your account, it’s time to set up your multisig vault—one of the most secure ways to secure bitcoin. Multisig requires more than one key to authorize a transaction, which mitigates the risks associated with custodian and exchange hacks, bad business practices, or individual mistakes.

You can set up this secure multisig configuration in under an hour using Unchained’s Self-Service Onboarding. Simply follow the guide at diy.unchained.com to get started—if you’re using two hardware wallets to build your vault, you’ll choose the Lead custody model.

Step 5: Roll over your existing 401k/IRA

Next, you’ll need to fund your new IRA, and there are a few ways to do it: an IRA-to-IRA transfer, a 401(k)-to-IRA rollover, or an annual contribution. The most common method is rolling over funds from an existing 401(k) or IRA into your new Unchained IRA.

While this process can feel tedious—particularly if your 401(k) administrator needs to issue you a physical check—it is straightforward. Once you receive your funds, Unchained will convert them to bitcoin with our trading desk and deposit them into your IRA vault.

If you already hold bitcoin in another IRA, you can do an in-kind transfer to move your bitcoin directly to Unchained without converting to cash first. If you want to learn more about how to fund your IRA, we have a full Knowledge Base article for that.

Step 6: Enjoy the benefits of tax-advantaged bitcoin

Congratulations—your retirement savings are now secured in bitcoin! Unchained offers flat annual fees. Starting in year two, you’ll pay a flat $250 annual fee for your IRA account.

Holding bitcoin in a tax-advantaged account combines the inflation resistance of bitcoin with the benefits of an IRA. Most importantly, you remain in charge of your bitcoin—not an exchange or third party. If the bull run is approaching as many suspect, the Unchained IRA could put you in position to watch your retirement savings grow.

This article is provided for educational purposes only, and cannot be relied upon as tax or investment advice. Unchained makes no representations regarding the tax consequences or investment suitability of any structure described herein, and all such questions should be directed to a tax or financial advisor of your choice. Statements regarding market or other financial information, are obtained from sources that we believe reliable, but we do not warrant or guarantee the timeliness or accuracy of this information.