MicroStrategy founder Michael Saylor clarified his stance on Bitcoin custody following widespread criticism from the crypto community.
After facing backlash for comments suggesting that large banks should manage Bitcoin assets, Saylor took to X on 23 October 2024 to affirm his support for self-custody.
“I support self-custody for those willing and able, the right to self-custody for all, and freedom to choose the form of custody for individuals and institutions globally,” Saylor posted, seeking to address the controversy.
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Saylor Says Bitcoin Holders Should Trust Banks
The backlash stemmed from a recent interview in which Saylor referred to “paranoid crypto-anarchists” and suggested that Bitcoin holders should trust their assets to large, “too big to fail” banks.
This sparked outrage among the crypto community. In fact, Ethereum co-founder Vitalik Buterin and others criticized Saylor’s position.
Saylor’s follow-up post on X sought to balance his previous comments, emphasizing that Bitcoin should be open to all forms of investment and participation, regardless of the custodian.
“Bitcoin benefits from all forms of investment by all types of entities, and should welcome everyone,” he added.
I support self-custody for those willing & able, the right to self-custody for all, and freedom to choose the form of custody & custodian for individuals & institutions globally. #Bitcoin benefits from all forms of investment by all types of entities, and should welcome everyone.
— Michael Saylor⚡️ (@saylor) October 23, 2024
The debate intensified, with some in the crypto space, like VanEck adviser Gabor Gurbacs, describing Saylor’s stance as “common sense.” Others, like Dash marketer Joel Valenzuela, labeled it a “capitulation,” accusing Saylor of revealing his “true colors.”
Critics of Saylor’s earlier remarks included prominent Bitcoin advocate Samson Mow and Max Keiser, who condemned the comments as favoring centralized financial institutions.
Meanwhile, Ledger CEO Pascal Gauthier reaffirmed the importance of self-custody. He insisted that “there is no crypto without self-custody.”
Despite Gauthier’s defense of self-custody, concerns linger, as Ledger suffered a major data breach in 2020 that exposed the personal information of hundreds of thousands of customers. This has led to ongoing phishing attacks, highlighting the risks of self-custody.
Michael Saylor's statements on Bitcoin self-custody raised several eyebrows in the cryptosphere. Here are a few notable reactions.
Let us know your thoughts in the comments. pic.twitter.com/ZZ5Umc0p8j
— Weiss Crypto (@WeissCrypto) October 23, 2024
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Saylor To Donate Bitcoin Wealth To Humanity
Saylor revealed his intention to donate his Bitcoin fortune for the benefit of humanity.
“I’m a single guy, I have no children — when I’m gone, I’m gone,” he said, speaking on “Markets with Madison,” a podcast by The New Zealand Herald.
Saylor said he aims to leave his Bitcoin assets to civilization. Furthermore, he compares his plan to Nakamoto’s anonymous donation of one million Bitcoin to the world.
Saylor described Bitcoin as “clean, silent, programmable, immortal money.” He emphasized its potential to shape future economies, likening it to revolutionary innovations like steel and electricity.
He urged people not to overlook Bitcoin’s significance, warning that missing out on this new financial paradigm could be a costly mistake. “If you want your company, family, or endowment to last forever, you need to capitalize it with an asset that doesn’t degrade,” he added.
Back in June, MicroStrategy announced a proposed private offering of $500 million in convertible senior notes. Prior to that, the company had issued convertible notes and senior secured notes, raising billions of dollars to fund its Bitcoin acquisitions.
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