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Michael Saylor, co-founder of MicroStrategy, faced backlash after suggesting that Bitcoin should be stored with “too big to fail” banks, contradicting his previous support for self-custody.
In an interview on Oct. 21, financial reporter Madison Reidy prompted Saylor on whether Bitcoin investors have anything to fear by trusting regulated institutions with their BTC.
He dismissed concerns about potential state-sanctioned Bitcoin seizures, labeling anyone who believes such scenarios are plausible as a “paranoid crypto-anarchist.”
Michael Saylor’s Remarks Criticized by the Crypto Community
During the discussion, Saylor was queried about the possibility of the government revoking self-custody rights for Bitcoin holders, akin to the 1933 gold confiscation.
He responded, saying, “It’s merely a myth and a recurring trope,” while asserting that the current fears in the market are largely “unfounded.”
Michael Saylor, a prominent figure and influencer in the Bitcoin space, states:
Self-custody isn’t necessary
— Joel Valenzuela (@TheDesertLynx) October 21, 2024
Critics swiftly accused him of jeopardizing self-custody, a foundational tenet for many within the Web3 community.
Simon Dixon, author of “Bank to the Future,” expressed concern that Saylor’s remarks could undermine the notion of crypto self-custody for the sake of his envisioned Bitcoin bank.
“Anyone in the Bitcoin space who continues to endorse this figure or remains quietly complicit can be rightfully termed an enabler of this wrongdoing,” said Dash business developer Joel Valenzuela in a post on X on Oct. 21.
Self-Custody of BTC Protects Against Corruption From Major Custodians
Back in 2022, following the downfall of the now-defunct FTX, Saylor argued that self-custody is a safeguard against powerful custodians corrupting the Bitcoin network.
You can tell those who come for you to ‘f*ck off’ if they try #bitcoin
– Michael Saylor pic.twitter.com/WMonJImx7K
— Arsen @ Relai (@satoshibaggins) August 16, 2023
Months later, Saylor even urged investors to memorize their 12-word seed phrase and to protect themselves against any attempts to seize their Bitcoin holdings.
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