# Michael Saylor Walks Back Bitcoin Custody Comments

*Author: William M. Peaster*
*Published: Oct 24, 2024*
*Source: https://www.bankless.com/michael-saylor-backtracks*

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MicroStrategy founder Michael Saylor faced significant criticism this week after his comments suggesting that Bitcoin should be custodied by large banks rather than individuals. The backlash prompted a [quick reversal](https://x.com/saylor/status/1849132234692833436) from Saylor, who clarified his stance on self-custody.

## What’s the scoop?
- **The Context**: Saylor’s original comments encouraged Bitcoin holders to trust "too big to fail" banks for custody, dismissing concerns from "paranoid crypto-anarchists" about centralization and government seizure.
- **Called Out**: Among others, Ethereum founder Vitalik Buterin [responded sharply](https://www.bankless.com/vitalik-slams-saylor-bitcoin), calling Saylor's stance "batshit insane" and arguing that it undermined the decentralized values of crypto.
- **Changing Tune**: After facing criticism from across the crypto space, Saylor walked back his remarks, stating, "I support self-custody for those willing and able" and that Bitcoin should welcome "all forms of investment" and custody options.

## Bankless Take: 
Saylor’s quick backtrack underscores the tension between the crypto community’s emphasis on self-sovereignty and the push for institutional involvement. While large-scale institutional custody can provide security for some, the importance of decentralization and self-custody remains a bedrock principle for many in the space. This episode highlights the ongoing debate over Bitcoin’s future and the role institutions should—or shouldn’t—play in it.

> 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. [#Bitcoin](https://twitter.com/hashtag/Bitcoin?src=hash&ref_src=twsrc%5Etfw) benefits from all forms of investment by all types of entities, and should welcome everyone.— Michael Saylor⚡️ (@saylor) [October 23, 2024](https://twitter.com/saylor/status/1849132234692833436?ref_src=twsrc%5Etfw)