MicroStrategy’s Michael Saylor faces backlash over comments on Bitcoin self-custody

Bitcoin supporter Michael Saylor advocates for an inclusive ecosystem, embracing all custodial options for Bitcoin.

However, the MicroStrategy executive chairman faced criticism from cryptocurrency community leaders after comments that appeared to challenge users who self-custody Bitcoin.

Saylor suggested that “crypto-anarchists” who exclusively oppose institutional safekeeping were undermining Bitcoin’s regulatory security and widespread adoption.

His remarks drew backlash from figures like ShapeShift founder Erik Voorhees and Ethereum’s Vitalik Buterin, with Buterin notably calling Saylor’s view on custody “bat shit insane.”

Erik Voorhees

@ErikVoorhees

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Saylor’s getting trashed for the self-custody comment. As he should. Self-custody of the digital bearer asset is the entire point. *The entire point* All important attributes of Bitcoin emerge from this property. This doesn’t mean that all Bitcoin holders should…

9:22 PM · Oct 22, 2024

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Without directly addressing the criticism, Saylor shared a post on October 23, supporting the idea that users should have the freedom to choose how their Bitcoin is stored.

Michael Saylor⚡️

@saylor

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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.

10:24 PM · Oct 23, 2024

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He advocated for the acceptance of all available custody options, based on individual preferences.

Self-custody has been a core principle in the cryptocurrency community since Bitcoin’s creation. The movement emerged from a distrust of traditional institutions and a desire to separate money from state control.

Fifteen years after Bitcoin’s launch, innovations like spot BTC ETFs have opened up new ways to hold the cryptocurrency. While ETFs have supported global adoption, the call for self-custody remains strong.

Discussions about decentralized storage of assets like Bitcoin have intensified in 2024, with proponents arguing that it’s the best defense against censorship and centralized failures.

MicroStrategy’s Bitcoin holdings

MicroStrategy’s aggressive Bitcoin acquisition strategy has made it a major player in Bitcoin ownership among public companies.

As of now, the firm holds around 252,220 BTC, valued at roughly $16.89 billion, representing 1.201% of the total Bitcoin supply in circulation.

Since its initial purchase of 21,454 BTC in August 2020, MicroStrategy has steadily increased its holdings, surpassing 91,000 BTC by mid-2021.

By January 2022, its total had doubled to 125,051 BTC, demonstrating the company’s long-term confidence in Bitcoin.

Between November 2023 and July 2024, the firm expanded its holdings from 152,400 BTC to 226,500 BTC, underscoring its continued belief in Bitcoin’s potential.

Just last month, MicroStrategy added another 25,720 BTC, further strengthening its position in the digital currency.