🚨 Bitcoin Bull Michael Saylor Backs Self-Custody After Backlash 🚨
After facing intense criticism from the crypto community, Michael Saylor, founder of MicroStrategy, has reversed his stance on Bitcoin custody! Here’s what you need to know:
🔄 Saylor's New Stance:
"I support self-custody for those willing and able, and the right to choose the form of custody for individuals and institutions globally." - Saylor, Oct. 23
🔥 What Sparked the Backlash?
In an earlier interview, Saylor encouraged Bitcoin holders to trust “too big to fail” banks for custodianship, sparking outrage.
He labeled some critics as "paranoid crypto-anarchists," igniting heated responses from the community.
💬 Criticism From Big Names:
Vitalik Buterin and other prominent figures criticized Saylor’s remarks, advocating for self-custody.
Max Keiser argued Saylor’s comments favored the centralized banking system Bitcoin was created to disrupt.
💼 The Debate on Self-Custody:
Self-custody is seen by many as core to the crypto ethos, but it also carries risks. For example, Ledger—a popular hardware wallet provider—faced a data breach in 2020, exposing customers to phishing attacks.
💡 Takeaway: Saylor now stands behind freedom of choice in custody, acknowledging the value of self-custody in the Bitcoin ecosystem. However, the debate on centralization vs. decentralization in Bitcoin custody continues!
🔒 Where do you stand on the self-custody vs. institutional custody debate?
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