Michael Saylor Backs Bitcoin Self-Custody Amid Controversy
Michael Saylor recently expressed support for Bitcoin self-custody, emphasizing it as a fundamental right in response to backlash over his earlier proposal favoring institutional custody. He clarified that individuals and institutions should have the freedom to choose how they manage their crypto assets, stating that “Bitcoin can benefit from various forms of investment by diverse entities.”
Saylor tweeted, “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.”
Vitalik Buterin Criticizes Saylor’s View on Institutional Custody
Saylor, the CEO of MicroStrategy and a prominent Bitcoin advocate, had previously suggested that Bitcoin holders should rely on “too big to fail” banks for custody to reduce the risk of regulatory asset seizure. This viewpoint sparked criticism from the crypto community, particularly from Ethereum co-founder Vitalik Buterin, who labeled it “insane” and contradictory to the decentralized principles of cryptocurrency.
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MicroStrategy’s Vision for a Bitcoin Bank
As the executive chairman of MicroStrategy, Saylor has led the company in acquiring over 252,000 BTC, valued at around $17 billion. He envisions transforming MicroStrategy into a Bitcoin bank, offering a broad range of Bitcoin-based financial products, with the goal of reaching a market valuation of up to $1 trillion as Bitcoin’s value increases.
Disclaimer: Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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Cryptocurrency News & Trading Tips – Crypto Blog by Changelly