Key Takeaways:
- Michael Saylor clarified his support for self-custody after backlash, emphasizing the freedom to choose between self-custody and institutional custody.
- Saylor’s earlier comments encouraging trust in large banks for Bitcoin custody drew criticism from prominent crypto figures, including Vitalik Buterin.
- Saylor affirmed that Bitcoin benefits from diverse investment approaches and should welcome participation from all types of entities.
Michael Saylor, founder of MicroStrategy and a prominent Bitcoin advocate, clarified his stance on Bitcoin custody following backlash from the crypto community.
In a post on X (formerly Twitter) on October 23, Saylor reaffirmed his support for self-custody, emphasizing that individuals and institutions should have the freedom to choose their form of custody.
I support self-custody for those willing & able, the right to self-custody for all, and freedom to choose the form of custody & custodian for individuals & institutions globally. #Bitcoin benefits from all forms of investment by all types of entities, and should welcome everyone.
— Michael Saylor⚡️ (@saylor) October 23, 2024
His statement came after an October 21 interview where he suggested Bitcoin holders could trust large banks, calling them “engineered to be custodians of financial assets.”
This remark drew strong criticism, including from Ethereum co-founder Vitalik Buterin and other crypto advocates.
Michael Saylor, founder of MicroStrategy, suggested #Bitcoin users to store their assets with big banks.
— TheLordofEntry (@thelordofentry) October 23, 2024
Vitalik Buterin, Ethereum’s creator, calls this idea "crazy" arguing it undermines crypto’s original goals.
Buterin warns it leads to legal capture by large financial… pic.twitter.com/aWqN1oKlod
Many accused Saylor of capitulating to centralized financial institutions, with some calling his remarks a betrayal of Bitcoin’s decentralized ethos.
In response, Saylor reiterated that Bitcoin benefits from diverse forms of investment and welcomed everyone into the ecosystem.
This Saylor post from March, 2022 show’s an understanding of Bitcoin’s value proposition.
— Max Keiser (@maxkeiser) October 23, 2024
The recent comments attacking self-custody demonstrate a regressive tendency to favor the legacy, centralized banking crooks that Bitcoin fixes. https://t.co/nWHvk4AyP6 pic.twitter.com/xrsoPB1arM
Bitcoin enthusiasts like Max Keiser also condemned his comments, viewing them as supportive of traditional banking systems, which Bitcoin aims to disrupt.
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Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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