Neither. If the USG steals MicroStrategy’s coins, it would spark the largest self-custody insurgence in Bitcoin’s history. Mt. Gox and FTX would pale in comparison. Controllers fear self-custody above all else because it hinders domestication. They’ve made significant progress towards this goal over the last few years, and a move like that would brutally remind people why “not your keys, not your coins” exist in the first place. View quoted note →