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Peace!

Simon Dixon

Hey hey Bitcoin Wealth Builders,

I was recently invited to a debate on Gary Cardone's YouTube channel, and the topic is one of the most fundamental questions a new Bitcoiner will face: what is the right way to store your Bitcoin? 

But before we dive into that, let me be clear about the first and most important step. If you don't own any Bitcoin yet, your job is to get off zero. It is completely irresponsible to have no Bitcoin in your portfolio. For 14 years, since Bitcoin was at $3, I’ve given the same advice: own more Bitcoin this month than you did last month. Every single person I know who has followed that simple rule for a minimum of four years has seen Bitcoin beat every single asset class in the world. 

Once you’ve made the decision to buy Bitcoin, the next question is always: where do you store it? Do you leave it on an exchange? Use a dedicated custodian? Buy an ETF? Or do you take full control and self-custody?

This was the heart of the debate between myself and Dustin Stockton on the side of self-custody, and Gary Cardone and commercial litigator Joe Carlasare on the side of custody solutions, with Dana Howell moderating. The discussion revealed the core tension in Bitcoin today: the battle between ideological purity and pragmatic adoption.

The Case for Self-Custody: Sovereignty and Censorship Resistance

From my perspective, the debate for self-custody is a debate for the very soul of Bitcoin. When I first got involved in 2011, it was us versus the banks. We were cypherpunks fighting for the freedom to transact outside the banking system. Bitcoin offered three revolutionary properties: money you can own, money you can spend, and money that has a fixed supply. 

While most people focus on the fixed supply to beat inflation, they miss the other two vital parts if they don't self-custody. If you hold Bitcoin through a custodian, you have an IOU. You don't truly own your Bitcoin. Every time you want to spend it, you need permission from an intermediary who can—and often will—censor you. Self-custody is the ultimate boycott of what I call the Proof-of-Weapons Network. By owning Bitcoin, you boycott the Fed; by holding it in self-custody, you boycott the powerful custodians and asset managers like BlackRock. 

My debate partner, Dustin Stockton, provided a powerful real-world example of why this is critical. For purely political reasons, he was de-banked by eight different banks and added to a politically exposed persons list, effectively cutting him off from the entire financial system. He argued that if you've been censored for speaking out—like the Canadian truckers or protestors in the US—you better have some Bitcoin, and it better be in self-custody. He was able to survive for four years without a bank account specifically because he had self-custodied Bitcoin. 

The Case for Custody: Onboarding the World

The other side of the debate, led by Joe Carlasare and Gary Cardone, argued from a position of pragmatism. For them, the number one priority for Bitcoin is mass adoption.

Joe’s primary point was that to bring the next billion users into Bitcoin, the process needs to be as low-friction and user-friendly as possible, and that means custody solutions. He argued that forcing newcomers into the "usability nightmare" of self-custody, with its seed phrases and hardware wallets, is a major barrier that scares people away. He even quoted the legendary Hal Finney, who predicted in 2010 that Bitcoin's ultimate fate would be to serve as a reserve currency for banks, with transactions by private individuals being rare. The core of their argument is that we need pragmatism over purism to win the adoption debate. 

Gary Cardone reinforced this by sharing his own frustrating experience with hardware wallets, stating that it slowed down his own entry into Bitcoin. He made the point that Bitcoin's marketing has been "horrific" because the "not your keys, not your Bitcoin" purity test makes newcomers feel inadequate and pushes them away. He argued that he wants to bring trillions of dollars into Bitcoin as fast as possible, and that means making it easy through ETFs and other custody solutions. 

Simon's Final Thoughts: A Middle Path Forward

As the debate unfolded, it became clear that this isn't a binary choice. We all essentially agreed on the end goal, but differed on the path to get there.

The reality is, the vast majority of people will take the path of least resistance and buy their first Bitcoin through a centralized on-ramp like an exchange. The first and most important step is simply to get off zero and get exposure to Bitcoin. Analysis paralysis over finding the "perfect" storage solution can lead to people missing out entirely.

However, once you own Bitcoin, the journey shouldn't stop there. I believe every single person should buy a hardware wallet, take some of their Bitcoin off the exchange, and learn how to use it in self-custody. This is not just about security; it's about experiential learning. It’s a skill you will need for a future of decentralized identity and AI, especially as the surveillance state grows. 

Ultimately, the right answer is likely diversification. Your storage solution will depend on your personal situation, including tax considerations, inheritance planning, and your personal security model. Don't let the fear of self-custody stop you from starting, but don't let the convenience of custody stop you from learning how to be truly sovereign. Get in the door, then learn what makes this revolution truly powerful.

Click Here To Watch on YouTube

A Call to Action

If you care about your sovereignty, you’re not alone—and you’re not early either. People are waking up. Fast.

SimonDixon.com is where they’re going. That’s the headquarters. If (or when) I get banned from X, YouTube, or Rumble—which, let’s be honest, may only be a matter of time—it’s the one place where I can still speak freely and reach you directly.

▸ Go to SimonDixon.com and join the BitcoinHardTalk membership portal.

Here’s what you’ll get:

• Full archive access to every BitcoinHardTalk episode
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Once you're in, you’re also added to my private newsletter—where I share what I can’t say anywhere else and where you’ll hear from me first when the next big shift hits. 

While I’m still on the major platforms:

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Don’t wait until the signal is censored.

The next system is being built without you.

This is where you get ahead of it.

Disclaimer

This blog post has been created with the assistance of Artificial Intelligence (AI) to serve as a summary and analysis of the public debate titled "To Custody or Self-Custody Debate," which took place on Gary Cardone's YouTube podcast on July 1st, 2025. The content is based on the full transcript of the discussion featuring Simon Dixon, Gary Cardone, Dustin Stockton, and Joe Carlasare, moderated by Dana Howell. The use of AI is to ensure the accurate transcription and summarization of the arguments presented during the live event.

Simon Dixon’s appearance as a guest on any third-party platform, including that of Gary Cardone, is for the sole purpose of engaging in discussion and debate on topics of public interest. His participation does not constitute and should not be perceived as an endorsement of the host, other guests, their respective opinions, statements, businesses, products, services, or investment strategies. The views expressed by other participants are entirely their own and do not necessarily reflect the views of Simon Dixon.

The opinions and analysis attributed to Simon Dixon within this blog and the original debate are his personal views, formed based on his extensive experience in finance and as a pioneering investor in the Bitcoin ecosystem since 2011. These statements are time-sensitive and reflect his perspective at the time of the recording.

This content is intended for educational and informational purposes ONLY. It does not constitute, and should not be interpreted as, financial, investment, legal, tax, or any other form of professional advice. All information is general in nature and not tailored to any individual's specific circumstances.

Bitcoin and other digital assets are inherently volatile and high-risk. The value of these assets can go down as well as up, and you may lose your entire investment. Nothing in this content should be construed as a recommendation to buy, sell, or hold any asset. All readers and viewers are strongly urged to conduct their own independent research and consult with a qualified and licensed financial advisor, legal counsel, and tax professional before making any financial decisions.

By reading this blog or viewing the associated content, you acknowledge and agree that you are solely responsible for any decisions or actions you take based on the information provided. Neither Simon Dixon, his companies, nor any affiliated parties shall be held liable or responsible for any financial losses, damages, or other consequences that may arise from your interpretation or use of the content and opinions presented herein.