Michael Saylor Puts Bitcoin Self-Custody Backlash To Bed
Michael Saylor, the Chairman of American business intelligence and software firm MicroStrategy came under fire over his Bitcoin statements earlier. As a major social town hall, conversations sprung up on X regarding self custody options for the top coin. Michael Saylor’s take sparked concerns, a situation he has finally come to address.
Michael Saylor Recants His Bitcoin Self-Custody Belief
In the digital currency ecosystem, decentralization is one of the major selling points for Bitcoin. At the heart of this decentralization goal is self-custody, an instance where BTC holders keep their coins themselves.
Michael Saylor has often supported this approach, however, he seamed to change his perception recently. Sparking controversy, he claimed that big banks getting into Bitcoin custody might be a good thing. However, veterans like Vitalik Buterin called him out, saying this approach might cause centralization risk.
To address this backlash, Michael Saylor said Bitcoin he supports self-custody for anyone willing and able. Judging by the freedom associated with Bitcoin in general, he said individuals and firms have the liberty to choose their preferred form of custody and custodian.
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.
— Michael Saylor (@saylor) October 23, 2024
Michael Saylor further hinted that Bitcoin benefits from any form of investment whatsoever. The clarification the MicroStrategy Founder made on BTC has triggered new discussion with some accepting and others not agreeing with his point.
More At Stake In Bitcoin Centralization
Already, big banks or Wall Street and institutional firms make up over 20% of backers of spot Bitcoin ETF products. With this, more exposure of the coin is going to BlackRock and Fidelity Investments, triggering the centralizations risks.
One of the major advantages that made SEC declare Bitcoin a non-security is its decentralization attribute. If centralization through exposure to big banks creeps in, it might have a regulatory backlash in the near future. This is what many in the community are guarding against.
Michael Saylor is on a lifelong mission to accumulate Bitcoin. MicroStrategy now HODLs 252,220 BTC following its latest purchase of 7,420 Bitcoin for $452 million. While this gives Saylor a right of opinion, some sees the firm’s aggressive buying as a red flag in the centralization narrative.
The post Michael Saylor Puts Bitcoin Self-Custody Backlash To Bed appeared first on CoinGape.
