Saylor’s endorsement of large banks for Bitcoin custody has ignited backlash, reviving concerns over centralization risks.
After facing widespread backlash from the crypto community, MicroStrategy founder Michael Saylor walked back his comments which suggested that large banks should oversee
This stemmed from the ongoing concerns that such a move could lead to centralization and increase the risk of government intervention.Addressing these concerns, Saylor clarified his position, asserting that individuals and institutions should have the autonomy to decide how they store and manage their BTC holdings.
“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.” Saylor, once celebrated for his personal Bitcoin strategy and the massive investments made by his company MicroStrategy ,now finds his reputation under strain.
For those unaware, Saylor recently advocated for BTC holders to trust large, “too big to fail” financial institutions, asserting that these entities are well-equipped to securely manage significant assets like Bitcoin.“I’ll happily say that I think Saylor’s comments are batshit insane. He seems to be explicitly arguing for a regulatory capture approach to protecting crypto.”Despite his attempts to resolve the recent controversy, Saylor’s image seems to have taken a hit.
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