Michael Saylor Clarifies Stance on Bitcoin Custody Amid Criticism
Michael Saylor– MicroStrategy founder Michael Saylor, a prominent Bitcoin advocate, has recently expressed his support for self-custody of cryptocurrencies in a post on X. This statement seems to clarify his position after he faced backlash from the crypto community for earlier comments advocating regulated Bitcoin custody.
Saylor’s Support for Self-Custody
In his post, Saylor emphasized, 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. His remarks come in the wake of a recent interview where he had previously suggested that using regulated entities like BlackRock and Fidelity for holding Bitcoin would provide a safer and more stable option, minimizing volatility and loss risks.
Backlash from the Crypto Community
Saylor’s comments ignited criticism from various figures within the crypto space, including Ethereum co-founder Vitalik Buterin. Buterin reacted strongly, stating, I think Michael Saylor’s comments are batshit insane, and accused him of advocating for a regulatory capture approach that could jeopardize the essence of crypto. He emphasized that self-custody is vital for maintaining decentralization and fostering innovation without relying on third parties.
Additionally, Max Keiser, another Bitcoin pioneer, expressed his disapproval, saying, The recent comments attacking self-custody demonstrate a regressive tendency to favor the legacy, centralized banking crooks that Bitcoin fixes.
Addressing Concerns and the Growing Market for Bitcoin ETFs
In an effort to clarify his previous statements, Saylor reiterated, Bitcoin benefits from all forms of investment by all types of entities, and should welcome everyone. This statement comes as traditional Bitcoin investment products, such as spot Bitcoin ETFs, gain traction in the market. Last week, the cumulative net inflows of 12 spot Bitcoin ETFs in the U.S. surpassed $20 billion, a milestone that Bloomberg analyst Eric Balchunas described as the most difficult to achieve in the ETF landscape.
As the debate around crypto self-custody continues, Saylor’s evolving stance reflects the broader conversation about security, decentralization, and the future of Bitcoin investment.
FAQs
Why is Michael Saylor advocating for self-custody of cryptocurrencies?
Michael Saylor supports self-custody of cryptocurrencies as he believes it provides individuals and institutions the freedom to manage their own assets. He emphasizes the importance of self-custody in promoting decentralization and empowering users to choose their custodial options, despite previously suggesting that regulated entities might offer safer alternatives.
What was the reaction of the crypto community to Saylor’s comments on regulated Bitcoin custody?
The crypto community reacted negatively to Saylor’s earlier comments advocating for regulated Bitcoin custody. Notable figures, including Ethereum co-founder Vitalik Buterin and Bitcoin pioneer Max Keiser, criticized his views. Buterin described Saylor’s stance as “batshit insane,” arguing that it undermines the principles of decentralization, while Keiser pointed out the risks of favoring centralized banking systems over self-custody.
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