Michael Saylor has backed away from his anti-self-custody stance amid fierce crypto community pushback. After first calling self-custody supporters “paranoid crypto-anarchists” and pushing for big bank custody of Bitcoin, Saylor faced direct criticism from major crypto figures. His comments about trusting “too big to fail” banks with BTC sparked immediate outrage.
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Understanding the Crypto Community’s Response to Michael Saylor’s Self-Custody Support
Swift Community Reaction
“The recent comments attacking self-custody demonstrate a regressive tendency to favor the legacy, centralized banking crooks that Bitcoin fixes,” Max Keiser said yesterday. Many in the community felt this was a direct critique of Michael Saylor’s stance.
The response turned stronger when Ethereum creator Vitalik Buterin posted that “I’ll happily say that I think Saylor’s comments are batshit insane.” Buterin stressed that Saylor “seems to be explicitly arguing for a regulatory capture approach to protecting crypto.”
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Industry Voices
Rise Ledger CEO Pascal Gauthier spoke up at a Dubai blockchain event: “There is no crypto without self-custody, so it’s a bit of a moot point if all coins go to an ETF or an exchange.” Others joined the criticism against Michael Saylor’s viewpoint.
VanEck adviser Gabor Gurbacs called Saylor’s later support of self-custody “just common sense.” Yet Dash marketer Joel Valenzuela saw it as “capitulation,” stating Saylor showed his “true colors.”
Saylor Changes Course
Within days, Saylor shifted his position. “I support self-custody for those willing and able, the right to self-custody for all, and freedom to choose the form of custody and custodian for individuals and institutions globally. Bitcoin benefits from all forms of investment by all types of entities, and should welcome everyone,” he posted on X. This marked a significant turn in Michael Saylor’s approach.
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This marked a clear switch from his earlier push for bank custody of Bitcoin, though some in the community remain skeptical of Michael Saylor’s sudden change.
