Key Points
- Michael Saylor advocates for all types of Bitcoin custodial options, triggering criticism from the crypto community.
- Despite the rise of Bitcoin ETFs, the demand for individual asset custody, particularly Bitcoin, continues to grow.
Michael Saylor, a staunch Bitcoin supporter, has voiced his belief that everyone should be welcomed into the Bitcoin ecosystem, and all forms of custodial options should be considered. His comments have sparked a wave of criticism from leaders and members of the cryptocurrency community.
Controversial Custodial Comments
Saylor, the executive chairman of MicroStrategy, has been criticized for his comments that seemingly took a jab at Bitcoin users who prefer to self-custody their Bitcoin (BTC). He suggested that “crypto-anarchists” who are against institutional safekeeping of digital assets are undermining Bitcoin’s regulatory security and mass adoption.
His comments have drawn the attention of Bitcoin advocates like Erik Voorhees, the founder of ShapeShift, and crypto developers such as Ethereum’s Vitalik Buterin. Buterin, in particular, described Saylor’s comments on custody as “bat shit insane.”
Support for Custodial Freedom
In a post on October 23, without directly addressing any personal criticism, Saylor expressed support for the freedom to choose how assets like Bitcoin should be stored. He advocated for considering and accepting all available options for Bitcoin custody based on personal preference.
Self-custody has been a key concept in the crypto circles since the inception of blockchain. The entire industry was built on the decline of trust in legacy institutions and a shift towards separating money from the state.
Fifteen years after Bitcoin’s launch, developments like spot Bitcoin ETFs have ushered in a new era of Bitcoin holding. While many agree that ETFs have encouraged global adoption, the calls for self-custody of Bitcoin have not faded.
In 2024, the conversation around individual custody of assets like Bitcoin has only increased. Maxis, a term for believers of a single blockchain asset, continue to argue that decentralized crypto storage is the best defense against censorship and centralized failure points.