Michael Saylor Faces Backlash For Backing ”Too Big To Fail” Banks Over Self-Custody For Bitcoin
MicroStrategy co-founder Michael Saylor came under fire after recommending that Bitcoin should be custodied through “too big to fail” banks, a shift from his earlier stance favoring self-custody. In an Oct. 21 interview with financial markets reporter Madison Reidy, Saylor indicated that Bitcoin investors have nothing to lose by sending their BTC to regulated institutions for safe keeping. An investor who thinks that state-sanctioned Bitcoin seizure is possible is a “paranoid crypto-anarchist,” he said. Michael Saylor Comments Slammed By Crypto Community During the interview, Saylor was asked whether the government will someday strip Bitcoin holders of their self-custody rights, similar to what it did in 1933 with gold. “It’s a myth and a trope that goes on over and over again,” he replied, before adding that there is just a lot of “unnecessary” fear in the market. Michael Saylor, the leading voice and influen...