Michael Saylor, the co-founder of MicroStrategy, expressed his support for the self-custody of Bitcoin, emphasizing that individuals and institutions should have the freedom to choose their form of custody.
On X, he said, “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.”
Saylor also believes that Bitcoin benefits from various investment approaches and should welcome all types of participants in the market.
This statement follows Saylor’s comments about the risks of Bitcoin custody being managed by “paranoid crypto-anarchists” which have stirred significant debate.
He suggested that such an arrangement could increase the risk of government seizure, stating, “When Bitcoin is held by a bunch of paranoid crypto-anarchists, who aren’t regulated entities, don’t acknowledge government, tax, or reporting requirements, that increases the risk of seizure.”
Ethereum co-founder Vitalik Buterin sharply criticized Saylor’s viewpoint, calling it “batshit insane” and arguing that it promotes a regulatory capture approach that contradicts the fundamental principles of cryptocurrency.
Jameson Lopp, co-founder of the self-custody platform Casa HODL, supported Buterin’s sentiments. He reinforced that self-custody is essential for the integrity of the Bitcoin network, stating, “Self-custody is not merely important to individual Bitcoin holders. It’s important for the continued strengthening and improvement of the entire network.”
Samson Mow, an advisor for nation-state Bitcoin adoption, emphasized the risks of third-party custody, stating, “Just because you’re a paranoid crypto-anarchist, don’t mean they’re not after you.”
The debate highlights ongoing tensions in the cryptocurrency community over self-custody versus third-party custody and the regulatory implications for Bitcoin’s future.
Also Read: Is Michael Saylor following in Satoshi Nakamoto’s footsteps?
