MicroStrategy CEO Michael Saylor has reversed his stance on Bitcoin self-custody after facing significant criticism from the crypto community. In a recent interview, Saylor had suggested that “big bank” custody was a preferable option for Bitcoin holders. However, following a torrent of backlash, he clarified his position in a subsequent post on X.
“I support self-custody for those willing and able,” Saylor declared, emphasizing the importance of individual freedom and choice in custody methods. This reversal comes after he was criticized by prominent figures like Ethereum co-founder Vitalik Buterin for his earlier comments.
Saylor’s initial comments had sparked a heated debate within the crypto community, with many arguing that self-custody is essential for the decentralization and security of Bitcoin. Influencers like Max Keiser and Samson Mow were particularly vocal in their opposition to his suggestion of relying on centralized institutions.
Hardware wallet manufacturers like Ledger have also emphasized the significance of self-custody, highlighting the risks associated with relying on third-party custodians. The company’s own data breach in 2020 serves as a stark reminder of the potential vulnerabilities of such services.
Despite Saylor’s change of heart, the issue of self-custody remains a crucial topic within the crypto industry, with many continuing to advocate for individuals to take control of their own Bitcoin holdings.