Michael Saylor, co-founder of MicroStrategy, has voiced his support for self-custody of Bitcoin, underscoring the importance of freedom in choosing custody options for both individuals and institutions. In a recent post on X, he stated, “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 further noted that Bitcoin thrives on diverse investment strategies and should welcome participation from a wide range of stakeholders in the market. His remarks come in the wake of a contentious statement he made regarding the dangers of Bitcoin being held by “paranoid crypto-anarchists.” This assertion has ignited considerable debate within the cryptocurrency community.
He cautioned that entrusting Bitcoin to individuals outside regulatory frameworks increases the likelihood of government seizure, explaining, “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.”
In response, Ethereum co-founder Vitalik Buterin sharply criticized Saylor’s perspective, describing it as “batshit insane.” He contended that such views promote regulatory capture, undermining the foundational principles of cryptocurrency.
Jameson Lopp, co-founder of the self-custody platform Casa HODL, echoed Buterin’s sentiments, emphasizing that self-custody is crucial for the integrity of the Bitcoin network. He remarked, “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, also highlighted the perils of third-party custody, stating, “Just because you’re a paranoid crypto-anarchist, doesn’t mean they’re not after you.”
This ongoing debate underscores the tensions within the cryptocurrency community regarding self-custody versus third-party custody and the regulatory challenges that may shape Bitcoin’s future.
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