MicroStrategy chairman Michael Saylor has recently taken a step back from his earlier comments about Bitcoin custody. After facing strong reactions from the crypto community, Saylor clarified his stance on X (formerly Twitter), emphasizing the importance of self-custody.
Earlier, Saylor suggested in an interview that Bitcoin holders might consider entrusting their assets to big banks, especially those that are often seen as “too big to fail.” He argued that these institutions, with their vast resources and security measures, could be better equipped to safeguard Bitcoin. However, this idea didn’t sit well with many in the crypto space, where the principle of “not your keys, not your coins” is taken seriously. For many Bitcoin enthusiasts, self-custody is the only true way to have control over their assets, and they saw Saylor’s suggestion as a step in the wrong direction.
Responding to the backlash, Saylor clarified, saying, “I support self-custody for those willing and able, the right to self-custody for all, and freedom to choose the form of custody and custodian for individuals and institutions globally,” reassuring those who value the independence and control that Bitcoin promises.
Saylor went on to highlight that Bitcoin benefits from diverse forms of investment, whether it’s individuals securing their own holdings or institutions managing assets. He added that, despite the concerns, there’s a lot of fear out there that doesn’t match the reality. His message was clear: Bitcoin should be accessible and secure for everyone, whether you choose to keep it yourself or trust a third party.
Although Saylor managed to sweeten his comments and the criticism, we believe it is not that convincing. He is not outright claiming that you should whenever possible control the keys to your coins, as many Bitcoiners do. Acording to them there is only one answer to Saylor’s remarks, and let there be no doubt: NOT YOUR KEYS, NOT YOUR COINS!
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.
— Michael Saylor⚡️ (@saylor) October 23, 2024
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