Michael Saylor Recants His Bitcoin Self-Custody Belief

In the digital currency ecosystem, decentralization is one of the major selling points for Bitcoin. At the heart of this decentralization goal is self-custody, an instance where BTC holders keep their coins themselves.

Michael Saylor, who is the Chairman of American business intelligence and software firm MicroStrategy, faced criticism for his statements regarding Bitcoin earlier. As a major social town hall, conversations began on X concerning self custody options for the primary coin. Michael Saylor’s stance sparked concerns, a matter he has finally addressed.

Michael Saylor Retracts His Belief on Bitcoin Self-Custody

In the digital currency space, decentralization is touted as one of the key selling points for Bitcoin. At the core of this aim for decentralization is self-custody, an instance where BTC holders maintain possession of their coins themselves.

Michael Saylor has frequently advocated for this approach, yet he appeared to shift his perception recently. In a statement that sparked controversy, he mentioned that large banks entering the Bitcoin custody space could be a positive development. However, veterans like Vitalik Buterin expressed concerns, stating that this move might introduce centralization risks.

Addressing the backlash to his statement, Michael Saylor clarified that he supports self-custody of Bitcoin for anyone who is willing and capable of doing so. Highlighting the freedom inherent in Bitcoin, he stated that individuals and institutions have the choice to determine their preferred form of custody and custodian.

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

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