Michael Saylor, the co-founder of MicroStrategy, expressed his support for Bitcoin self-custody, calling it a fundamental right, following backlash from the crypto community over his recent comments on bank custody. Saylor clarified that individuals and institutions should have the freedom to choose how they manage their Bitcoin, noting that all types of investments in Bitcoin are beneficial.
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
Saylor had previously suggested that Bitcoin holders rely on large banks, believing this would reduce the risk of asset seizures by regulatory authorities. However, this suggestion was met with criticism, as it conflicted with the crypto community’s belief in self-custody as a key principle.
His remarks drew criticism from prominent figures like Ethereum co-founder Vitalik Buterin, who called Saylor’s proposal for banks to handle Bitcoin “insane” and contrary to crypto’s decentralised nature. Erik Voorhees, founder of ShapeShift, also criticised Saylor, arguing that his stance undermines the protection against centralisation.
Despite the backlash, Saylor remains committed to his broader vision for MicroStrategy, which holds over 252,000 BTC. He aims to transform the company into a leading Bitcoin bank, offering a range of Bitcoin-based financial products. Saylor believes this strategy could elevate the company’s value to $1 trillion as Bitcoin’s worth continues to rise.
