Michael Saylor of MicroStrategy advocates for freedom of choice in Bitcoin custody amidst opposition

Coin World News Report:
In response to strong opposition to comments suggesting that regulated entities such as BlackRock and Fidelity are a safer option than holding Bitcoin, MicroStrategy founder Michael Saylor clarified his stance on self-custody.
In a tweet, Saylor expressed support for individuals who choose to self-custody Bitcoin, while also advocating for everyone’s right to make their own choices.
He even emphasized that Bitcoin should be open to all forms of investment, welcoming contributions from individuals and institutions.
“I support the self-custody rights of those willing and capable, the self-custody rights of all, and the freedom for individuals and institutions globally to choose their form of custody. #Bitcoin benefits from contributions of all types of entities and should welcome everyone.”
Bitcoin Custody Controversy Heats Up
As spot Bitcoin ETFs and other traditional investment tools gain popularity, the debate over self-custody of cryptocurrencies continues to grow.
Meanwhile, Saylor’s latest clarification has faced strong opposition within the cryptocurrency community. In the midst of the controversy, earlier this week, Saylor emphasized to senior business journalist Madison Reidy of the New Zealand Herald the risks associated with unregulated private entities and “crypto-anarchists” holding Bitcoin, who often “reject government oversight, taxation, and reporting requirements.”
He believes this increases the possibility of asset seizure, as these entities operate outside the realm of regulation. On the contrary, Saylor believes that the risk of seizure is much lower when Bitcoin is held by regulated large public institutions such as BlackRock, Fidelity, JPMorgan, and TD Bank.
He explained that this is because these institutions have the support of lawmakers and law enforcement agencies, as many of these entities manage retirement funds for politicians and government officials.
Counterattack
This controversial statement has not been well-received by many cryptocurrency advocates. Ethereum co-founder Vitalik Buterin is one of them, calling these remarks “extremely crazy” and arguing that Saylor’s approach, by ensuring lawmakers and law enforcement have vested interests in these entities, contradicts the core principles of cryptocurrency.
Buterin pointed out that there are many precedents of this strategy failing and emphasized that cryptocurrency is about decentralization and resisting control by large institutions.
Max Keiser, a prominent Bitcoin maximalist, also criticized Saylor’s comments attacking self-custody, claiming that they indicate a regressive trend of supporting the central banks that Bitcoin was supposed to challenge.