Michael Saylor reverses remarks on self-custody, calls it ‘a right for all’ Michael Saylor reverses remarks on self-custody, calls it ‘a right for all’
Saylor said that the right to self-custody applies to all individuals and institutions, who have the freedom to choose the form of custody.
1 min read
Updated: Oct. 23, 2024 at 10:24 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
MicroStrategy executive chair Michael Saylor backtracked on his recent remarks about self-custody and clarified that he supports it as a fundamental right.
Saylor said that the right to self-custody applies to all individuals and institutions who have the freedom to choose the form of custody. He added:
“Bitcoin benefits from all forms of investment by all types of entities, and should welcome everyone.”
Saylor’s clarification and response come after significant backlash from leading voices in the industry for statements he made during a recent interview.
Jameson Lopp, co-founder and Chief Security Officer of CasaHODL, replied that self-custody is not about being paranoid, and argued that Saylor’s stance has long-term “negative ramifications” as it convinces people to fully trust third-party custodians.
Citing these negative ramifications, Lopp mentions the increasing systemic risk through centralizing BTC in fewer places and leaving Bitcoin holders out of network governance activities, such as running a node. He added:
“Self-custody is not merely important to individual Bitcoin holders. It’s important for the continued strengthening and improvement of the entire network.”
Ethereum co-founder Vitalik Buterin joined the choir of voices contrary to Saylor’s statement, calling his comments “insane.”
Buterin said that Saylor is arguing in favor of a narrative where trusting regulated public entities, such as BlackRock and Fidelity, might protect crypto from stringent rules and law enforcement.
However, the Ethereum co-founder added that there is “plenty of precedent” for how this strategy can fail, and he does not believe that trusting entities is aligned with the crypto ethos.
Other notorious Bitcoin proponents, such as Jack Mallers and Adam Back, criticized Saylor’s remarks by highlighting that self-custody is a core part of the financial freedom enabled by Bitcoin.
Mentioned in this article
Bitcoin 
BlackRock 
Fidelity Investments 
MicroStrategy 
Michael Saylor 
Jameson Lopp 
Vitalik Buterin 
Jack Mallers 
Adam Back Author 
Gino Matos
Gino Matos is a law school graduate and a seasoned journalist with six years of experience in the crypto industry. His expertise primarily focuses on the Brazilian blockchain ecosystem and developments in decentralized finance (DeFi).
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
Fidelity Investments
Fidelity Investments Inc., commonly referred to as Fidelity, is a multinational financial services corporation based in Boston, Massachusetts.
MicroStrategy
MicroStrategy (Nasdaq: MSTR) is a worldwide leader in enterprise analytics and mobility software.
Michael Saylor is the Executive Chairman, founder, and principal shareholder of MicroStrategy.
Jameson Lopp is an American software engineer and prominent figure in the cryptocurrency industry.
Vitalik Buterin stands as the pioneering force behind Ethereum, a transformative community-driven platform that fuels the cryptocurrency ether (ETH) and underpins a myriad of decentralized applications.
CEO of Zap, a bitcoin investment and payments company that transacts over the Lightning Network.
Adam Back currently holds the position of CEO at Blockstream, a cutting-edge technology company dedicated to advancing bitcoin and blockchain technology.
