Reserve test? Michael Saylor says no

Bitcoin 2025 I started today in Las Vegas and will run until Thursday.

It is the world’s biggest bitcoin event, and this year’s alignment of speakers is definitely up to exaggeration.

We have the creator of Silk Road, Ross Ulbricht, Senator Cynthia Lummis, Peter Schiff. Yes, the Golden Boy, the Bitcoin #1 is enemy.

You can move the Complete list hereBut today we are focusing on a particular name: Michael Saylor.

It is the co -founder of the strategy and basically the face of Bitcoin’s corporate purchase.

(Note on the margin: we made a depth of why companies as the strategy are important for the future of Bitcoin – Look that if you missed it!))

Anyway, Saylor was asked if the strategy planned Publish Reservations Test (POR).

In simple English: Will they publicly show wallet addresses to demonstrate that they really support the bitcoin that say yes?

The answer? .. No ❤️

He said that By is risky and Directly only bad For institutionsbecause:

• For only shows active, not liabilities. Then he does not know what debts or risks they hide behind those reserves;

• Sharing wallet addresses publicly exposes long -term holdings, which can create privacy risks or even security threats.

Saylor says that Institutions need a much stronger standard: Like the four large audits that not only verify holdings, but also ensure that Bitcoin does not be provided or used as a guarantee, with executives legally responsible for the results, as the strategy did.

And this has some people angry.

Here is because They got angry:

• The whole Bitcoin issue is transparency: you should be able verifyNot just trust;

• Saying “We have reservations, just trusting our auditor” feels like tradfi, no cryptography.

Said that …

Strategy is Traditional. When you buy $ Mstr, you are not buying Bitcoin: you are buying shares in a public company that has a lot.

All configuration is Built for institutional investorsNot the degen of the average cryptogen. And let’s be honest, institutional clients probably care more about audit reports than to see wallet addresses.

So yes, It is a bit strange to criticize them for using a tradfi model … When they are literally a traditional company.

And as Saylor said: If you want true cryptographic style security, buy Bitcoin directly and autocustody.

But if you want to follow the institutional route, the real financial audits, not the screenshots of the wallet, will be the way to follow.