Saylor voices Bitcoin self-custody support amid backlash

Bitcoin maximalist Michael Saylor believes that the Bitcoin ecosystem should accept everyone and every storage option available.

Cryptocurrency community leaders and members have criticized MicroStrategy executive chairman Michael Saylor for comments seemingly criticizing users who hold Bitcoin (BTC) for themselves. Saylor argued that so-called “crypto-anarchists” who oppose institutional protection of digital assets alone are antithetical to Bitcoin’s regulatory security and mass adoption.

The comments caught the attention of Bitcoin advocates like ShapeShift founder Erik Voorhees and crypto developers like Ethereum’s Vitalik Buterin. Buterin, in particular, found Saylor’s comments about the detention “crazy.”

Saylor finds herself getting trashed for the custody comment.

As it should be.

Self-storage of the digital bearer asset is what it’s all about.

*The whole point*

All the important features of Bitcoin emerge from this feature.

This does not mean that all Bitcoin holders should… https://t.co/7VREcCfRxZ

— Erik Voorhees (@ErikVoorhees) 22 October 2024

Saylor’s post on October 23 expressed support for the right to choose how to store assets like Bitcoin, without publicly addressing any individual reactions. The post advocated considering and accepting all available options for BTC storage based on personal preference.

Self-custody has long been a dominant concept in crypto circles since the inception of blockchain. The entire industry was built on a decline in trust in old institutions and a shift towards separating money from the state.

Fifteen years after Bitcoin’s launch, developments such as spot BTC ETFs have ushered in a new era of Bitcoin holding. While many agree that ETFs have spurred global adoption, calls for Bitcoin to be self-stored have never gone away.

Discussions about individual custody of assets like BTC have only increased in 2024. Maxis, a term that describes those who believe in a single blockchain entity, relentlessly argues that decentralized crypto storage remains users’ best defense against censorship and centralized points of failure.

I support the right to self-custody for those who want and can, the right to self-custody for all, and the freedom to choose custody and form of custody for individuals and institutions globally. #Bitcoin It benefits from all kinds of investments from all kinds of organizations and should embrace everyone.

— Michael Saylor⚡️ (@saylor) October 23, 2024