MicroStrategy founder Michael Saylor has faced significant backlash from the cryptocurrency community, prompting him to clarify his recent comments advocating for banks to take custody of Bitcoin. In a post on X (formerly Twitter) dated October 23, Saylor emphasized his support for self-custody, stating, “I support self-custody for those willing and able, the right to self-custody for everyone, along with the liberty to select their preferred custody method and custodian, applicable to both individuals and institutions worldwide.
Community Reactions
Saylor’s initial remarks made during an interview on October 21 ignited intense debate within the crypto space, particularly among Bitcoin advocates. Gabor Gurbacs, an adviser at VanEck, commented that Saylor’s position should not be controversial, calling it “just common sense.” However, not all reactions were supportive. Dash marketer Joel Valenzuela criticized Saylor’s shift as “capitulation,” asserting that it revealed his “true colors.”
Samson Mow, a well-known Bitcoin advocate, mocked Saylor’s comments, referring to them as a regression towards “legacy, centralized banking crooks that Bitcoin fixes.” Max Keiser echoed this sentiment on the same day, criticizing the attack on self-custody.
Pascal Gauthier, CEO of hardware wallet manufacturer Ledger, also weighed in, stating, “There is no crypto without self-custody, so it’s a bit of a moot point if all coins go to an ETF or an exchange.” His remarks came during a blockchain event in Dubai, where he promoted Ledger’s products.
Risks of Self-Custody
Despite the benefits of self-custody, Gauthier’s comments highlight the associated risks. Ledger itself suffered a significant data breach in 2020, which exposed the personal details of hundreds of thousands of customers, leading to ongoing phishing attacks. This incident serves as a cautionary tale for those considering self-custody options.
Saylor’s Clarification
Saylor’s earlier remarks had branded certain Bitcoin advocates as “crypto-anarchists,” drawing criticism from key figures in the space, including Ethereum co-founder Vitalik Buterin. In his latest statement, Saylor suggested that Bitcoin holders might consider placing their assets with “too big to fail” banks, which he believes are “engineered to be custodians of financial assets.”
He concluded his post by stating, “Bitcoin benefits from all forms of investment by all types of entities and should welcome everyone,” attempting to strike a conciliatory tone after the backlash.
I am Toby Rothschild, Co-Founder of Spearmint and author at Coinography, and a strategist focused on advancing Web3 innovation, digital ecosystems, and the future of decentralized technology. I combine product thinking, creative leadership, and deep interest in emerging trends to help shape how individuals and organizations interact with the next generation of digital systems.
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