Important points
- Michael Saylor has reversed his stance on Bitcoin self-control and now supports it as a fundamental right.
- Criticism from industry leaders influenced Saylor to revise his position.
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Michael Saylor says he will advocate self-custody of Bitcoin as a fundamental right after his proposal for bank custody sparked outrage among members of the crypto community.
Clarifying his position, Saylor believes that individuals and institutions have the freedom to choose how to manage their crypto assets, stating that “Bitcoin can benefit from all forms of investment by all types of entities.'' I will accept it.''
I support self-custody of those who are willing and able, the right of all people to self-custody, and the freedom of individuals and institutions around the world to choose their forms of custody and guardianship. #bitcoin It benefits from all forms of investment by all types of actors, and everyone should be welcome.
— Michael Saylor ⚡️ (@saylor) October 23, 2024
A key figure at MicroStrategy, the world's largest corporate holder of Bitcoin, recently suggested that Bitcoin holders should rely on banks that are “too big to fail” to store them. He believed this approach would reduce the risk of asset seizure by regulators.
His previous comments put him at odds with much of the crypto community, which supports self-control as a fundamental principle. Mr. Saylor's comments raised questions, given his established support for self-custody.
His comments have drawn sharp criticism from prominent figures in the crypto community. Ethereum co-founder Vitalik Buterin called Saylor's comments “insane.” Buterin argued that Saylor's proposal for large financial institutions to handle custody of Bitcoin contradicts the decentralized spirit of cryptocurrencies.
Shapeshift founder Eric Voorhees also condemned the release of Saylor's self-custody rights. He said this would undermine core safeguards against centralization and corruption.
MicroStrategy aims to build a Bitcoin bank
As co-founder and executive chairman of MicroStrategy, Mr. Saylor has played a pivotal role in the company's significant investment in Bitcoin. Under his leadership, the company has accumulated over 252,000 BTC, worth approximately $17 billion at current prices.
Building a Bitcoin portfolio is the first step towards a long-term strategy. Saylor announced an ambitious vision to transform the company into a leading Bitcoin bank, aiming to build a comprehensive suite of Bitcoin-based financial products.
He believes this approach will allow the company to dominate the market, potentially reaching a valuation of up to $1 trillion as Bitcoin's value rises over time.
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