Michael Saylor Clarifies his Stance on Bitcoin Custody during Community Rebound

Coin Circle News Report:
Michael Saylor, due to his advocacy for major banks to supervise Bitcoin custody, faced strong opposition and subsequently changed his stance.
Due to the increasing participation of institutions, concerns about the centralization risk of Bitcoin have been growing.
After facing widespread opposition from the cryptocurrency community, Michael Saylor, the founder of MicroStrategy, retracted his comments that large banks should supervise the custody of Bitcoin [BTC].
This stems from concerns that this move could lead to centralization and increase the risk of government intervention.
Michael Saylor has taken a step back from his previous position.
Addressing these concerns, Saylor clarified his position, stating that individuals and institutions should have the right to decide how to store and manage their BTC assets.
In a post on October 23rd on X, Saylor stated, “I support those who are willing and capable of self-custody. Everyone has the right to self-custody and the freedom for individuals and institutions worldwide to choose forms of custody and safekeeping. #Bitcoin benefits from investments in various forms by all types of entities and should welcome everyone.”
Saylor was known for his personal Bitcoin strategy and the large-scale investments of his company MicroStrategy, and now his reputation is under pressure.
For those unaware, Saylor recently advocated for Bitcoin holders to trust large “too big to fail” financial institutions, claiming that these entities have the ability to securely manage important assets such as Bitcoin.
This statement openly challenges Saylor’s position, and Ethereum co-founder Vitalik Buterin questions the wisdom of relying on centralized institutions in a space of decentralization.
Buterin said, “I’m glad to say that I think Saylor’s comments are crazy. He seems to explicitly advocate for regulatory capture to protect cryptocurrencies.”
Mixed community reactions
Despite Saylor’s attempt to address the recent controversy, his image seems to have been damaged.
A cryptocurrency analyst pointed out, “Surrendered. But you revealed your true colors.”
Needless to say, this impact has raised concerns about whether his once firm pro-Bitcoin image can be fully restored.
However, many people still support Saylor.