Originally published on: October 24, 2024
MicroStrategy founder Michael Saylor recently faced a wave of backlash from the crypto community after suggesting that big banks should handle Bitcoin custody. In response, Saylor backpedaled on his remarks and expressed support for self-custody and the freedom of individuals and institutions to choose their custodians.
The controversy began when Saylor referred to “paranoid crypto-anarchists” in an interview, sparking outrage among prominent figures in the industry. Ethereum co-founder Vitalik Buterin and others criticized Saylor’s comments, prompting him to clarify his stance on Bitcoin custody.
Gabor Gurbacs of VanEck and Joel Valenzuela of Dash weighed in on the matter, with Gurbacs calling Saylor’s position “common sense” and Valenzuela labeling it as “capitulation.” The debate surrounding self-custody versus institutional custody continued to escalate, with Max Keiser denouncing attacks on self-custody as regressive.
Industry influencers like Samson Mow and Pascal Gauthier also shared their opinions on the issue, emphasizing the importance of self-custody in the crypto space. Gauthier highlighted the risks associated with centralized custody solutions, citing Ledger’s 2020 data breach as an example.
Despite the ongoing controversy, Saylor’s recent reversal on Bitcoin custody has sparked a broader conversation within the crypto community about the principles of self-custody and individual control over digital assets. As the industry continues to evolve, the debate over custody solutions is likely to remain a hot topic among stakeholders.
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