Saylor says onchain proof-of-reserves a ‘bad idea’ due to security risks
Strategy’s Michael Saylor advised against institutions publishing proof-of-reserves to show their crypto holdings, saying it’s a “bad idea” that increases the risk of a security breach.
Michael Saylor, the executive chair of major Bitcoin-buying firm Strategy, formerly MicroStrategy, says institutions posting onchain proof-of-reserves is a “bad idea” that could pose security risks.
“The current, conventional way to publish proof of reserves is an insecure proof of reserves,” Saylor said when asked about institutions adopting the transparency measure at a May 26 event on the sidelines of the Bitcoin 2025 conference in Las Vegas.
Saylor didn’t answer whether Strategy would publish its proof-of-reserves when asked by Blockware Solutions head analyst Mitchell Askew whether his firm would do so.
