In a recent interview with journalist Madison Ready, Michael Saylor, CEO of MicroStrategy, sparked significant controversy within the Bitcoin community with his statements regarding custody and regulation. Addressing concerns about the risks of large amounts of Bitcoin held by third-party custodians and major institutions, Saylor argued against self-custodialism and downplayed fears of increased seizure or confiscation.
Saylor posited that Bitcoin is safer when held by regulated public entities such as BlackRock, Fidelity, and JPMorgan Chase, rather than by unregulated private owners. He said: I think it’s the opposite. “I think when Bitcoin is held by a bunch of crypto anarchists who are not regulated entities, who don’t recognize the government or don’t recognize the taxes or don’t recognize the reporting requirements, that increases the risk of takeover.”
The importance of self-custody of Bitcoin
Backlash from the Bitcoin community was swift and intense, Bitcoinist reported. Even Ethereum co-founder Vitalik Buterin called Saylor’s statement “crazy,” reflecting the strong disapproval from prominent figures in the cryptocurrency space.
In the face of mounting criticism, Saylor appears to have softened his stance. Via X, it is He explained: “I support self-custody for the willing and able, the right to self-custody for all, and the freedom to choose the form of custody and custody for individuals and institutions globally. #Bitcoin benefits from all forms of investment by all types of entities, and should welcome all.”
Gabor Gorbax, founder of PointsVille and Tether strategist, commented that Saylor’s revised position “shouldn’t be a controversial one” and viewed it as “just common sense.”
However, not everyone was convinced by Saylor’s explanation. Bitcoin supporter Max Keiser Express There are concerns that the importance of self-custodial – a specific aspect of BTC’s value proposition – is not being adequately communicated. He highlighted the high risks associated with others’ custody of his bitcoin, and noted that self-custodialism and the separation of state and money are the main characteristics that define it.
“To be clear, El Salvador is opening Bitcoin banks with warnings that clearly state that self-custodialism — and the separation of state and money — are the main characteristics that define Bitcoin,” he added. “Bitcoin is transforming money and the concept of the nation-state as well; as it has been understood since 300 years.”
Industry Analyst James Van Straaten forecast That MicroStrategy positions itself as a BTC bank, is in line with predictions made by Hal Finney in 2010. While Van Straaten called for self-custodialism, he acknowledged that institutional participation and ease of access, such as ETFs, are important drivers of BTC adoption. .
“Saylor plays a very different game than the average person. And depending on the next US administration, he has to put himself in a cautious position. I would argue that he is foolish for him to classify himself as a crypto-anarchist. If he sees the crop as necessary then he is.” The first four years right,” Van Straaten wrote via X.
Unchained’s Joe Burnett gave the summary: “Incredibly built.” Conversely, Joel Valenzuela, who is involved in business development and marketing for Dash, commented on X: “Surrender. But you showed your true colors.
At press time, Bitcoin was trading at $67,700.
Featured image from YouTube, chart from TradingView.com