According to ShibDaily, Michael Saylor, the founder of MicroStrategy, has responded to criticism from the cryptocurrency community regarding his recent comments on Bitcoin custody. Saylor faced backlash after suggesting that large financial institutions could act as custodians for Bitcoin holders. In a post on X (formerly Twitter), he clarified his position, stating his support for self-custody for those who are willing and able, the right to self-custody for everyone, and the freedom to choose the form of custody and custodian globally.
Saylor's clarification followed an interview where he referred to some crypto community members as "paranoid crypto-anarchists" and suggested that "too big to fail" banks could be trusted with Bitcoin. This sparked strong reactions, especially from decentralization advocates who prefer self-custody. Samson Mow, a prominent Bitcoin advocate, criticized Saylor's use of the term "crypto-anarchist" for those prioritizing self-custody. Ethereum co-founder Vitalik Buterin and other notable figures also disapproved of Saylor's remarks. Joel Valenzuela, a marketer for Dash, described Saylor's response as "capitulation," claiming it revealed his "true colors." Max Keiser, another vocal Bitcoin supporter, accused Saylor of favoring centralized banking systems over Bitcoin's foundational principles, stating that his comments demonstrated a preference for the legacy banking system that Bitcoin aims to disrupt.
Gabor Gurbacs, an advisor to VanEck, offered a more neutral perspective, suggesting that allowing individuals to choose their Bitcoin storage method should be common sense. Pascal Gauthier, CEO of Ledger, a hardware wallet manufacturer, also weighed in on the issue. Speaking at a blockchain event in Dubai, Gauthier emphasized the importance of self-custody, asserting that "there is no crypto without self-custody." He acknowledged the risks involved, referencing 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 Ledger's commitment to enhancing security in the self-custody space.
Despite the ongoing debate, Michael Saylor reiterated his belief that Bitcoin should be accessible to all forms of investment and custody preferences. The article concludes by advising readers to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
