MicroStrategy Chairman Michael Saylor Faces Criticism for Relying on Banks

MicroStrategy’s executive chairman, Michael Saylor, faced backlash over recent comments suggesting that Bitcoin custodianship is better handled by “too big to fail” financial institutions rather than through self-custody, a practice he previously endorsed. In an Oct. 21 interview with financial reporter Madison Reidy, Saylor controversially argued that Bitcoin holders “have nothing to lose” by transferring their assets to institutions. This view seemed to contradict Saylor’s earlier advocacy for self-custody, making it a contentious point within the crypto community. When asked about the possibility of the U.S. government stripping Bitcoin holders of self-custody rights, similar to how private gold ownership was