Michael Saylor Retracts His Bitcoin and Crypto Custody Comments, But His Credibility May Remain in Doubt

As one of Bitcoin's biggest institutional supporters, MicroStrategy's Michael Saylor has often been praised for his recognition of the asset as a legitimate investment.

Insitutional Bitcoin HODLer MicroStrategy (NASDAQ:MSTR) is known for its bullish stance on the asset. Earlier this year, the company filed to sell up to $500 million in common stock to acquire additional Bitcoin. However, recent comments by MicroStrategy’s CEO Michael Saylor on crypto custody sparked controversy.

After suggesting that centralized authority posed no threat to Bitcoin and the broader industry, Saylor faced backlash from the industry. Many condemned him for undermining the core principles of the asset class. However, Saylor is now attempting to smooth things over.

“I Support Self Custody:” Michael Saylor

Micheal Saylor has retracted his recent comments over Bitcoin and crypto custody. In an October 23 post, the MicroStrategy chair affirmed support for self-custody, emphasizing that individuals and institutions should have the right to choose their preferred options.

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Saylor’s comments aim to clarify his earlier argument that governments and financial institutions should be allowed control over Bitcoin, dismissing industry concerns about such influence as unfounded.

However, before the course correction, his original remarks had already sparked backlash from the industry.

“Batshit Insane:” Vitalik Buterin Joins Saylor’s Criticism

Ethereum co-founder Vitalik Buterin was among the most critics of Saylor, labeling his comments as absurd in an October 23 tweet.

Buterin’s remarks echo the sentiments of other industry members, who collectively condemned Saylor’s statements as surprising and concerning. Another commenter weighed in on Saylor’s latest remarks, arguing that despite his retrace, his comments already revealed his “true colors.”

However, not all responses to the MicroStrategy chair’s comments were negative. Some members of his audience lauded his retraction, emphasizing that his original remarks were not as damaging as perceived.