Michael Saylor of MicroStrategy Urges Freedom of Choice in Bitcoin Custody Amidst Opposition

CoinTimes reported:
In the face of strong opposition to comments suggesting that regulated entities such as BlackRock and Fidelity are safer options 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 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 worldwide to choose their custodial and storage arrangements. #Bitcoin benefits from investment by 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 recent clarification has faced strong opposition in the cryptocurrency community. In a statement earlier this week, Saylor highlighted the risks associated with private entities and “crypto anarchists” holding Bitcoin outside of regulation, often “refusing government supervision, taxation, and reporting requirements.”
He believes this increases the likelihood of asset seizure as these entities operate outside the scope of regulation. Instead, Saylor believes the risk of seizure is much lower when Bitcoin is held by regulated large public institutions such as BlackRock, Fidelity, JPMorgan, and BNY Mellon.
He explained that this is because these institutions receive support from 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 comments “extremely crazy” and arguing that Saylor’s approach, which supports regulatory capture 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 where this strategy has failed and emphasized that cryptocurrency is about decentralization and resistance against control by large institutions.
Max Keiser, a well-known Bitcoin maximalist, also criticized Saylor’s comments, attacking self-custody and suggesting that they indicate a regression in supporting the central banks that Bitcoin was supposed to challenge.