- Michael Saylor appears to be retracing his steps to regain industry appeal.
- The former MicroStrategy CEO recently made questionable comments over crypto custody.
- Saylor is facing criticism despite his recent clarification.
As one of Bitcoin’s biggest institutional supporters, MicroStrategy’s Michael Saylor has often been praised for his recognition of the asset as a legitimate investment. However, his recent remarks regarding crypto custody stirred controversy when he suggested that centralized authority posed no threat to Bitcoin and the broader industry.
The backlash was swift, with many condemning him for undermining the core principles of the asset class. In response, Saylor is now attempting to smooth things over.
“I Support Self Custody:” Michael Saylor
Micheal Saylor has retracted his recent comments over Bitcoin and crypto custody. In an October 23 post, the MicroStrategy chair affirmed support for self-custody, emphasizing that individuals and institutions should have the right to choose their preferred options.
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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,” he stated.
Saylor’s comments aim to clarify his earlier argument that governments and financial institutions should be allowed control over Bitcoin, dismissing industry concerns about such influence as unfounded.
However, before the course correction, his original remarks had already sparked backlash from the industry.
“Batshit Insane:” Vitalik Buterin Joins Saylor’s Criticism
Ethereum co-founder Vitalik Buterin was among Saylor’s most critical responders, labeling his comments absurd in an October 23 tweet.
“I'll happily say that I think @saylor's comments are batshit insane,” Buterin said, adding that “There’s plenty of precedent for how this strategy can fail, and for me, it’s not what crypto is about.”
Buterin’s remarks echo the sentiments of other industry members, who collectively condemned Saylor’s statements as surprising and concerning. Another commenter weighed in on Saylor’s latest remarks, arguing that despite his retrace, his comments already revealed his “true colors.”
However, not all responses to the MicroStrategy chair’s comments were negative. Some members of his audience lauded his retraction, emphasizing that his original remarks were not as damaging as perceived.
On the Flipside
- Some industry members previously warned about the risk of Bitcoin becoming a state-controlled financial asset, particularly following the approval of BTC ETFs.
- Michael Saylor’s MicroStrategy holds around 252,220 BTC.
- In June 2024, the company was accused of tax evasion.
Why This Matters
Despite his retraction, Saylor’s credibility and true stance on Bitcoin custody may remain in doubt, given the weight of his original comments.
Read this article for Craig Wright’s criticisms of Michael Saylor for corrupting Bitcoin’s ideals:
Craig Wright Slams Michael Saylor’s Trillion-Dollar ‘Bitcoin Bank’ Ambition
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