Key Takeaways:
- Michael Saylor, a prominent Bitcoin advocate, is facing backlash for supporting Bitcoin custodianship through large banks, diverging from his prior pro-self-custody stance.
- Critics argue Saylor’s shift undermines Bitcoin’s decentralization goals, with some speculating it aligns with MicroStrategy’s potential plans to become a Bitcoin bank.
- Despite the criticism, some support Saylor’s perspective, suggesting it targets institutions like pensions and corporations, not individual users.
Michael Saylor, executive chairman of MicroStrategy and a prominent Bitcoin advocate, is facing criticism for endorsing Bitcoin custodianship through large financial institutions, diverging from his previous stance on self-custody.
In an interview, Saylor suggested that Bitcoin holders should trust “too big to fail” banks to safeguard their assets, downplaying fears of government seizures and dismissing concerns from “paranoid crypto-anarchists.”
This shift has drawn backlash from Bitcoin proponents like John Carvalho and Sina, who argue Saylor is undermining Bitcoin’s decentralized nature.
Some speculate this change could be linked to plans for MicroStrategy to become a Bitcoin bank offering loans.
Saylor’s stance contradicts his earlier advocacy for self-custody, especially after the 2022 collapse of FTX, when he warned against centralized control.
saylor's target demographic is institutions, NOT individuals.
— Julian Figueroa (@kinetic_finance) October 21, 2024
he is not speaking to YOU
institutions are not and never will be anarchists.
small businesses and plebs can have hardware wallets and sovereignty
200+ employee institutions, pensions or wealth funds do not have…
Despite the criticism, some, like Julian Figueroa and Mitchell Askew, support Saylor’s perspective, arguing that his message is geared toward large institutions, which will need Bitcoin banks to manage their holdings.
MicroStrategy currently holds over 252,000 BTC, valued at nearly $17 billion.
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Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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