Michael Saylor Reverses Position on Bitcoin Custody After Criticism

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MicroStrategy founder and pro-Bitcoiner Michael Saylor has walked back his recent comments advocating for large banks to handle Bitcoin custody. Following significant backlash from the crypto community, including prominent figures like Ethereum co-founder Vitalik Buterin, Saylor clarified his stance in an Oct. 23 post on X, affirming his support for self-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 wrote in response to the mounting criticism.

The controversy stemmed from an Oct. 21 interview where Saylor dismissed “crypto-anarchists” and encouraged Bitcoin holders to place their trust in “too big to fail” banks as custodians of their digital assets. His remarks sparked an uproar within the crypto world, with many accusing him of turning his back on Bitcoin’s decentralized ethos.

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Debate Sparks Divided Reactions

Saylor’s retraction has elicited mixed responses from the crypto space. VanEck adviser Gabor Gurbacs expressed support for Saylor’s revised position, calling it “just common sense.” On the other hand, some remained critical, such as Dash marketer Joel Valenzuela, who labeled Saylor’s clarification as “capitulation,” claiming that Saylor had revealed his “true colors” by initially siding with centralized financial institutions.

Criticism intensified from other prominent voices in the Bitcoin community. Samson Mow, a well-known Bitcoin advocate, mocked the “crypto-anarchist” label that Saylor used, while Max Keiser, another influential Bitcoin supporter, took a more direct shot, arguing that Saylor’s original comments displayed a regressive inclination toward centralized banking systems—ones that Bitcoin is fundamentally designed to challenge.

Self-Custody: A Core Principle Under Fire

As the conversation around Bitcoin custody continues to evolve, Pascal Gauthier, CEO of Ledger, a leading hardware wallet manufacturer, weighed in, asserting that “there is no crypto without self-custody.”

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Gauthier highlighted the critical role self-custody plays in preserving the decentralized nature of digital assets, though he acknowledged that it also carries risks. His comments come as a reminder of Ledger’s 2020 data breach, which resulted in the exposure of customer information and ongoing phishing attacks.

Despite these risks, Gauthier stated that self-custody remains essential for maintaining the spirit of crypto’s decentralized philosophy.

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