Michael Saylor Drops Bombshell at Bitcoin 2025: ’Onchain Proof-of-Reserves Is a Trap’

MicroStrategy’s CEO delivers a fiery critique of exchange transparency theater—just as regulators start demanding it.

The Saylor Slant

No stranger to controversy, the Bitcoin maximalist called proof-of-reserve audits ’security theater’ that gives false comfort to crypto tourists. His reasoning? Onchain verification still relies on trusting third-party attestations—the very thing Bitcoin was built to destroy.

The Irony Isn’t Lost

Coming from a guy whose company holds 0.1% of all BTC, the warning lands like a grenade. Especially since those ’trust us, we’re solvent’ reports became Wall Street’s favorite fig leaf after the 2024 exchange collapses.

The Bottom Line

While Saylor pushes for pure self-custody, exchanges keep playing accountant charades—because nothing says ’financial innovation’ like repackaging 19th-century balance sheets with blockchain glitter.

At Bitcoin 2025, Michael Saylor, Executive Chairman of Strategy, called on-chain proof-of-reserves “a bad idea.” He explained that sharing wallet addresses can expose companies to risks, making them vulnerable to tracking and security threats. Saylor warned that this could weaken the safety of issuers, custodians, and investors. He added that AI could easily identify many security flaws, putting firms at long-term risk. His message was clear: On-chain proof-of-reserves may do more harm than good.