Michael Saylor Advocates Institutional Custody For Bitcoin

According to Odaily, MicroStrategy Executive Chairman Michael Saylor recently suggested that Bitcoin should be held by large financial institutions rather than through self-custody, a stance he previously supported. In an interview on October 21, Saylor stated that transferring Bitcoin to financial institutions would not result in any loss for holders. When asked if the U.S. government might strip Bitcoin holders of their self-custody rights, similar to the 1933 gold confiscation, Saylor dismissed such concerns, labeling those who fear government seizure as 'paranoid crypto anarchists' and emphasizing that there is 'a lot of unnecessary fear.' He argued that relying on 'too big to fail' banks, designed as custodians of financial assets, is preferable to using hardware wallets. Saylor's apparent 180-degree shift on the self-custody issue has drawn criticism from industry figures. Sina, founder of Bitcoin custody and security company 21st Capital, remarked, 'Saylor's mission is to downgrade Bitcoin to an investment pet rock and stop its use as currency.' Meanwhile, Simon Dixon, author of 'Bank to the Future,' speculated that Saylor is downplaying the importance of self-custody because it does not align with MicroStrategy's long-term plan to transform into a Bitcoin bank and offer collateralized loans. However, some agree with Saylor's perspective. Julian Figueroa, founder and host of 'Get Based,' believes Saylor's comments are directed at institutions rather than individuals. Previously, Michael Saylor stated that MicroStrategy's ultimate goal is to become a Bitcoin bank and build a trillion-dollar company.