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Cryptocurrency News Articles
MicroStrategy's Michael Saylor Slammed by Bitcoiners After Recommending BTC Custodianship
Oct 22, 2024 at 09:27 am
MicroStrategy's executive chairman, Michael Saylor, has been slammed over his latest comments recommending Bitcoin custodianship through "too big to fail" financial institutions rather than using self-custody — something he once championed.
Bitcoin ( BTC ) maximalist and MicroStrategy executive chairman Michael Saylor has faced backlash from the Bitcoin community after suggesting that Bitcoiners should trust “too big to fail” financial institutions with their BTC.
During an Oct. 21 interview with financial markets reporter Madison Reidy, Saylor was asked to comment on the possibility of the United States government stripping Bitcoin holders of their self-custody rights like how holding gold was made illegal in 1933.
“Anybody thinking a state-sanctioned Bitcoin seizure is possible is a paranoid crypto-anarchist,” Saylor replied.
When asked about hardware wallets, Saylor said it would be better to rely on “too big to fail” banks that are “engineered to be custodians of financial assets.”
“There’s nothing to lose by transferring your Bitcoin to these institutions. They're designed to hold your assets,” he added.
Saylor’s comments were met with criticism from many Bitcoiners, who accused him of changing his stance on self-custody to benefit MicroStrategy's long-term plan to become a Bitcoin bank and offer collateralized loans.
“Saylor is on a mission to relegate Bitcoin into an investment petrock and halt its usage as a currency,” said Sina, a founder of Bitcoin custody and security firm 21st Capital.
“Bitcoin anarchists: keep helping people gain freedom from banks, governments & central banks,” added OG Bitcoiner and author of “Bank to the Future” Simon Dixon.
Others were more supportive of Saylor's take, with Julian Figueroa, founder and host of “Get Based,” suggesting that Saylor's message was aimed at institutions rather than individuals.
Head analyst at Bitcoin mining firm Blockware Solutions Mitchell Askew added that Saylor was willing to “stomach criticism” to make Bitcoin “less sketchy.”
Saylor's comments come after he previously championed self-custody, especially following the collapse of FTX, which he said highlighted the importance of keeping Bitcoin out of the hands of powerful custodians.
“If you can’t self-custody your coin, there’s no way to establish a decentralized network,” he said at the time.
As of June, Saylor's MicroStrategy was the largest corporate holder of Bitcoin, with a stack of 252,220 BTC valued at almost $17 billion, according to Bitcoin Treasuries.
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