Key takeaways
- Michael Saylor reverses his position on Bitcoin self-custody, now supporting it as a fundamental right.
- Criticism from industry leaders influenced Saylor’s revised position.
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Michael Saylor said he is advocating for self-custody of Bitcoin as a fundamental right after his proposed bank custody sparked outrage among members of the crypto community.
In an attempt to clarify his position, Saylor said he believes individuals and institutions have the freedom to choose how they manage their crypto assets and that “Bitcoin benefits from all forms of investment of all types. ‘entities’.
I support self-custody for those who want and can, the right to self-custody for all, and the freedom to choose the form of custody and guardianship for individuals and institutions around the world. #Bitcoin benefits from all forms of investment from all types of entities and should welcome everyone.
– Michael Saylor⚡️ (@saylor) October 23, 2024
The key figure at MicroStrategy, the world’s largest Bitcoin holding company, recently suggested that Bitcoin holders should rely on “too big to fail” banks for custody. He believed this approach would reduce the risk of asset seizure by regulators.
His previous comments put him at odds with much of the crypto community, which supports self-custody as a core principle. Saylor’s statements raised questions, given his established support for self-guarding.
His remarks drew sharp criticism from prominent figures in the crypto community. Vitalik Buterin, co-founder of Ethereum, called Saylor’s comments “crazy.” Buterin argued that Saylor’s proposal that large financial institutions would manage custody of Bitcoins contradicted crypto’s decentralized philosophy.
Erik Voorhees, founder of ShapeShift, also condemned Saylor’s rejection of self-care. He said this undermines a fundamental guarantee against centralization and corruption.
MicroStrategy aims to create a Bitcoin bank
As co-founder and executive chairman of MicroStrategy, Saylor played a central role in the company’s substantial investments in Bitcoin. Under his leadership, the company has accumulated over 252,000 BTC, valued at approximately $17 billion at current prices.
Building a Bitcoin wallet is the first step towards a long-term strategy. Saylor revealed an ambitious vision to transform the company into the leading Bitcoin bank, with the goal of creating a comprehensive suite of Bitcoin-based financial products.
He believes this approach will allow the company to dominate the market and potentially reach a valuation of up to $1 trillion as the value of Bitcoin increases over time.
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