Key Points
- MicroStrategy founder Michael Saylor retracts his statement advocating for big banks to oversee Bitcoin custody.
- This change of stance comes after concerns about potential centralization and risk of government intervention.
Michael Saylor, the founder of MicroStrategy, has retracted his earlier comments suggesting that large banks should manage Bitcoin custody.
This comes in response to the backlash from the crypto community and concerns that such a move could lead to centralization and increase the risk of government intervention.
Saylor Clarifies His Position
Saylor clarified his position, stating that individuals and institutions should be allowed to decide how they manage their Bitcoin holdings.
His comments on 23rd October were in support of 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.
Once hailed for his personal Bitcoin strategy and the hefty investments made by his company MicroStrategy, Saylor’s reputation is now under scrutiny.
Saylor had recently suggested that Bitcoin holders should trust large financial institutions, asserting that these entities are well-equipped to securely manage significant assets like Bitcoin.
Community Reaction
Despite his attempts to resolve the controversy, Saylor’s image seems to have taken a hit.
There are concerns over whether his once-solid pro-Bitcoin image can fully recover.
However, many have come out in support of Saylor.