Subscribe to Bankless or sign in
MicroStrategy founder Michael Saylor faced significant criticism this week after his comments suggesting that 
Bitcoin should be custodied by large banks rather than individuals. The backlash prompted a quick reversal from Saylor, who clarified his stance on self-custody.
What’s the scoop?
- The Context: Saylor’s original comments encouraged Bitcoin holders to trust "too big to fail" banks for custody, dismissing concerns from "paranoid crypto-anarchists" about centralization and government seizure.
- Called Out: Among others,
Ethereum founder 
Vitalik Buterin responded sharply, calling Saylor's stance "batshit insane" and arguing that it undermined the decentralized values of crypto. - Changing Tune: After facing criticism from across the crypto space, Saylor walked back his remarks, stating, "I support self-custody for those willing and able" and that Bitcoin should welcome "all forms of investment" and custody options.
Bankless Take:
Saylor’s quick backtrack underscores the tension between the crypto community’s emphasis on self-sovereignty and the push for institutional involvement. While large-scale institutional custody can provide security for some, the importance of decentralization and self-custody remains a bedrock principle for many in the space. This episode highlights the ongoing debate over Bitcoin’s future and the role institutions should—or shouldn’t—play in it.
I support self-custody for those willing & able, the right to self-custody for all, and freedom to choose the form of custody & custodian for individuals & institutions globally. #Bitcoin benefits from all forms of investment by all types of entities, and should welcome everyone.
— Michael Saylor⚡️ (@saylor) October 23, 2024
