SAYLOR DECLARES A “BITCOIN REFORMATION” — OLD RULES OUT, “SELF-CUSTODY IS A RIGHT, NOT A RITUAL” — BITCOIN AS CAPITAL FOR EVERYONE

Michael Saylor published a fourteen-section essay arguing that Bitcoin has outgrown its founding-era rules. The orthodoxy he wants retired: Satoshi as oracle, the white paper as a finished constitution, self-custody as the only legitimate ownership, and every Bitcoin-linked security dismissed as fake. His replacement frame: Satoshi as founder, the white paper as foundation, self-custody as an essential right rather than a universal duty, and counterparty discrimination — judge custodians on disclosure, collateral, audits, and withdrawal rights — instead of blanket rejection. His closing line: “Bitcoin is for everyone.” The Capitalist read: this is the argument of a man whose company owns more Bitcoin than most countries and needs the asset to live comfortably inside banks, insurers, and capital markets — and on the economics he is mostly right, because capital that cannot touch institutions stays small. But note what the essay quietly concedes: the ColdCard failure he cites cuts both ways, since purity is not a security model and neither is a custodian’s brochure. The Maximalist will fight him on the same ground he stands on — the exit option only disciplines intermediaries if enough people actually use it. The reformation only works while the door out stays open. Watch who tries to close it.