Michael Saylor Reverses Stance on Bitcoin Custody After Community Backlash
Michael Saylor, founder of MicroStrategy, recently retracted his suggestion that large banks should manage Bitcoin custody after receiving backlash from the crypto community.
In a recent post, he affirmed his support for self-custody, advocating for individuals and institutions to have the freedom to choose how they handle their assets.
Saylor faced criticism, including from Ethereum co-founder Vitalik Buterin, for labeling certain crypto advocates as “paranoid crypto-anarchists.”
He controversially proposed that Bitcoin holders should trust major banks, considered “too big to fail,” as custodians of their assets. In his clarification, Saylor stated that Bitcoin should be open to investments from all entities.
READ MORE: China vs. U.S. in Quantum Tech: Who’s Really Leading?
Reactions varied, with VanEck adviser Gabor Gurbacs calling his position “common sense,” while Dash marketer Joel Valenzuela accused Saylor of capitulation. The discourse around self-custody intensified after Saylor’s comments, prompting sharp responses from Bitcoin advocates like Max Keiser, who criticized Saylor’s preference for centralized banking.
On the same day, Ledger’s CEO, Pascal Gauthier, emphasized that self-custody is vital for cryptocurrency but noted that it comes with risks, referencing Ledger’s 2020 hack that exposed customer data and led to ongoing phishing threats.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
