Michael Saylor Defends Bitcoin Custody Comments After Backlash

Michael Saylor, founder of MicroStrategy, has addressed the cryptocurrency community’s backlash regarding his recent comments on Bitcoin custody.

Yesterday, Saylor clarified his stance on self-custody after facing criticism for suggesting that large financial institutions could serve as custodians for Bitcoin holders. In a post on X (formerly Twitter), Saylor stated, “I support self-custody for those willing and able, the right to self-custody for all, and freedom to choose the form of custody and custodian for individuals and institutions globally.”

Saylor’s clarification came after his interview on Monday, during which he referred to certain members of the crypto community as “paranoid crypto-anarchists” and suggested that “too big to fail” banks could be trusted to safeguard Bitcoin.

These remarks drew sharp reactions from the community, particularly from advocates of decentralization who prefer holding their own assets. Samson Mow, a notable Bitcoin advocate, took issue with Saylor’s use of the term “crypto-anarchist” in describing those who prioritize self-custody.

Criticism from the Crypto Community

Following the interview, Ethereum co-founder Vitalik Buterin and other prominent figures disapproved of Saylor’s comments. Joel Valenzuela, a marketer for Dash, labeled Saylor’s response to the criticism as “capitulation” and claimed that it revealed his “true colors.”

Max Keiser, another vocal Bitcoin supporter, added to the criticism, accusing Michael Saylor of favoring centralized banking systems over the principles Bitcoin was built upon. “The recent comments attacking self-custody demonstrate a regressive tendency to favor the legacy, centralized banking crooks that Bitcoin fixes,” Keiser posted.

Gabor Gurbacs, an advisor to VanEck, provided a more neutral view, stating: “This shouldn’t be a controversial position, just common sense.” He indicated that allowing individuals to choose how they store their Bitcoin is reasonable.

Pascal Gauthier, CEO of hardware wallet manufacturer Ledger, also addressed the matter. Speaking at a blockchain event in Dubai, Gauthier emphasized the importance of self-custody, saying, “There is no crypto without self-custody.”

However, he acknowledged the risks involved, citing the 2020 Ledger data breach that led to customer information being sold on the dark web and subsequent phishing attacks. Gauthier used the opportunity to highlight his company’s commitment to improving security in the self-custody space.

Despite the heated discussion, Michael Saylor reiterated that Bitcoin should be open to all forms of investment and custody preferences.

Lawrence does not hold any crypto asset. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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