Michael Saylor Supports Crypto Self-Custody

MicroStrategy founder and bitcoin advocate Michael Saylor recently expressed his support for crypto self-custody in a post on X, addressing criticism over his earlier comments on regulated bitcoin custody.

"I support self-custody for those willing and able, the right to self-custody for all, and freedom to choose the form of custody and custodian for individuals and institutions globally," Saylor stated.

In an interview with NZ Herald's Madison Reidy, he advocated for holding bitcoin through regulated entities like BlackRock and Fidelity, considering these options safer with less volatility and reduced risk of loss.

He responded to concerns about increased centralization and government control, referring to such anxieties as stemming from "paranoid crypto anarchists," suggesting that the fears were exaggerated.

Saylor's remarks received backlash from notable figures in the crypto community. Ethereum co-creator Vitalik Buterin commented, "Michael Saylor's comments are batshit insane," arguing that they advocate for regulatory control over crypto, which contradicts the core principles of the cryptocurrency space.

Buterin's critique was in response to Casa co-founder Jameson Lopp, who emphasized that self-custody is essential to maintain decentralization, enhance network security, ensure participation in governance, and foster innovation without reliance on third parties.

Bitcoin pioneer Max Keiser also reacted strongly, suggesting Saylor's comments show a tendency to support traditional, centralized banking systems that Bitcoin is designed to disrupt.

In clarification, Saylor concluded, "Bitcoin benefits from all forms of investment by all types of entities, and should welcome everyone."

The debate over crypto self-custody is particularly timely as traditional investment products in bitcoin, including spot bitcoin ETFs, continue to gain traction, with cumulative net inflows surpassing $20 billion last week — a significant benchmark in the ETF domain as noted by Bloomberg analyst Eric Balchunas.