MicroStrategy Executive Chairman Michael Saylor has retracted his recent comments on self-custody, saying he supports it as a fundamental right.
Saylor said the right to self-custody applies to all individuals and institutions who have the freedom to choose their form of custody. He added:
“Bitcoin benefits from all forms of investment by all types of companies and should be welcomed by everyone.”
Mr. Saylor's explanation and response comes in the wake of significant backlash from key industry voices over his comments in a recent interview.
Jameson Ropp, co-founder and chief security officer of CasaHODL, responded that self-custody is not about being paranoid, and Saylor's stance encourages people to fully trust third-party custody. In order to persuade them to do so, they argued that it would have long-term “negative effects”.
Citing these negative effects, Ropp notes the increased systemic risk of concentrating BTC in fewer places and removing Bitcoin holders from network governance activities such as running nodes. Masu. He added:
“Self-management is not only important for individual Bitcoin holders; it is important for the continued strengthening and improvement of the network as a whole.”
Ethereum co-founder Vitalik Buterin joined the chorus of voices opposing Saylor's comments, calling his comments “insane.”
Buterin said Saylor supports the theory that trusting regulated public institutions such as BlackRock and Fidelity can protect cryptocurrencies from strict regulations and law enforcement.
However, the Ethereum co-founder added that there is “a lot of precedent” for how this strategy could fail, and that he does not believe that the entities he relies on are in line with the spirit of the cryptocurrency.
Other notorious Bitcoin supporters, including Jack Mallards and Adam Back, criticized Saylor's comments, emphasizing that self-custody is a core part of the economic freedom enabled by Bitcoin. .
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gino matos
Gino Matos is a law school graduate and veteran journalist with six years of experience in the cryptocurrency industry. His expertise is primarily focused on the Brazilian blockchain ecosystem and decentralized finance (DeFi) development.
