Michael Saylor of MicroStrategy Calls for Freedom of Choice in Bitcoin Custody Amidst Opposition

Coin World News Report:
In the face of strong opposition to comments suggesting that regulated entities such as BlackRock and Fidelity are a safer option than holding Bitcoin, MicroStrategy founder Michael Saylor clarified his stance on self-custody.
In a tweet, Saylor expressed support for individuals who choose to self-custody Bitcoin while advocating for everyone’s right to make their own choices.
He even emphasized that Bitcoin should be open to all forms of investment, welcoming contributions from individuals and institutions.
“I support the self-custody rights of those willing and capable, the self-sovereignty of all, and the freedom for individuals and institutions worldwide to choose custodial and guardianship arrangements. #Bitcoin benefits from the various forms of investment by all types of entities and should welcome everyone.”
Bitcoin custody controversy heats up
As spot Bitcoin ETFs and other traditional investment tools gain popularity, the debate over self-custody of cryptocurrencies continues to grow.
Meanwhile, Saylor’s latest clarification has faced strong opposition within the cryptocurrency community. In the midst of the controversy, earlier this week, Saylor emphasized to senior business journalist Madison Reidy of the New Zealand Herald the risks associated with unregulated private entities and “crypto-anarchists” holding Bitcoin, who often “reject government supervision, taxation, and reporting requirements.”
He believes this increases the risk of asset confiscation as these entities operate outside regulatory oversight. Conversely, Saylor argues that the risk of confiscation is much lower when Bitcoin is held by regulated large public institutions such as BlackRock, Fidelity, JPMorgan, and Deutsche Bank.
He explains that this is because these institutions have the support of lawmakers and law enforcement agencies, as many of these entities manage retirement funds for politicians and government officials.
Counterattack
This controversial statement has not been well-received by many cryptocurrency advocates. Ethereum co-founder Vitalik Buterin is one of them, calling these remarks “extremely crazy” and arguing that Saylor’s approach, by ensuring that lawmakers and law enforcement have vested interests in these entities, contradicts the core principles of cryptocurrency.
Buterin points out that there are many precedents where this strategy has failed and emphasizes that cryptocurrency is about decentralization and resisting control by large institutions.
Max Keiser, a prominent Bitcoin maximalist, also criticized Saylor’s comments, attacking self-custody and suggesting that they indicate a regression in supporting the central banks that Bitcoin is supposed to challenge.