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Cryptocurrency News Articles
Michael Saylor Walks Back Bitcoin Bank Comments, Embraces Self-Custody as a Fundamental Right
Oct 25, 2024 at 12:01 am
Michael Saylor, the co-founder of MicroStrategy, expressed his support for Bitcoin self-custody, calling it a fundamental right
MicroStrategy co-founder Michael Saylor has clarified his stance on Bitcoin self-custody, following criticism over his recent comments on bank custody.
In a tweet on Oct. 23, Saylor expressed his support for self-custody, calling it a "fundamental right" and adding that individuals and institutions should be free to choose how they manage their Bitcoin.
“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,” Saylor wrote.
He added that all types of investments in Bitcoin are beneficial, further stating: "Bitcoin benefits from all forms of investment by all types of entities, and should welcome everyone."
Saylor's remarks come after he suggested that Bitcoin holders should consider using large banks to custody their assets, a statement that sparked backlash within the crypto community.
The co-founder's suggestion appeared to contradict a core principle in the crypto space, which emphasises the importance of self-custody to maintain control over one's assets and avoid relying on centralised entities.
Several prominent figures in the crypto industry voiced their opposition to Saylor's proposal. Notably, Ethereum co-founder Vitalik Buterin called Saylor's proposal for banks to handle Bitcoin “insane” and fundamentally opposed to the decentralised nature of crypto.
Erik Voorhees, founder of cryptocurrency exchange and custodian ShapeShift, also criticised Saylor's stance, stating that his proposal would undermine a key protection against centralisation.
Related: MicroStrategy to Launch Bitcoin Bank, Targeting $1 Trillion Valuation as BTC Surges: Saylor Despite facing criticism for his remarks on Bitcoin custody, Saylor's broader vision for MicroStrategy remains intact.
The company, which now holds over 252,000 BTC, is set to venture into new territory with Saylor's goal of transforming MicroStrategy into a leading Bitcoin bank.
This strategy, coupled with rising BTC prices, could propel the company's valuation to an astonishing $1 trillion, according to Saylor's projections.
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