Michael Saylor Dismisses Proof of Reserves as 'Crypto Parlor Trick' 🚫, Binance's CZ Fires Back

MicroStrategy co-founder Michael Saylor dismissed the crypto industry's use of proof-of-reserves as a "parlor trick" that fails to provide meaningful financial assurance and instead increases security risks, according to a public address Tuesday. Saylor argued that exposing wallet addresses creates an attack vector for hackers and lacks the comprehensive accountability of public company audits. He emphasized the superiority of traditional financial transparency with Big Four auditors and legal liability for executives. Binance founder CZ mocked Michael Saylor on social media, suggesting he sold his Bitcoin. The viral tweet highlighted the clash between corporate-style financial governance and the transparency-focused values of the crypto-native community. The strategy maintains over $40 billion in authorized securities through its active ATM program.