Bitcoiners accuse Saylor of throwing back a weight that is ‘too big to fall’

Microstrategy Executive Chairman Michael Saylor has been criticized for his recent comments advocating Bitcoin tutelage instead of self-regulation.

Saylor controversially stated that bitcoiners have nothing to lose by transferring Bitcoin (BTC) to institutions in an Oct. 21 interview with Financial Markets reporter Madison Reidy.

Saylor appears to be a champion for Bitcoin, and his comments seem to contrast with his previous support for the crypto's self-sustainability.

Anyone who thinks a government-sanctioned seizure of Bitcoin is possible is a “paranoid crypto-anarchist,” he added, when asked how the U.S. government is going to strip Bitcoin owners of their right to self-reliance because it was illegal to own gold in 1933.

“It's a myth and a myth that's been perpetuated over and over again,” Saylor said.

“There's just a lot of unnecessary fear.”

Saylor said it would be better to rely on “too big to fail” banks that are “designed to be custodians of financial assets” rather than relying on hardware wallets.

The self-sustaining U-Zor has not been well received by many Bitcoiners.

“Sailor is on a mission to bring Bitcoin down to the investment petro and stop its use as a currency,” said “Sina” – the founder of 21st Capital, a Bitcoin protection and security company.

Michael Saylor, a leading voice and influencer in Bitcoin by a mile, says:

💀You don't need to govern yourself💀You have to trust the government and institutions💀The government will never take your guardian's Bitcoin

— Joel Valenzula (@TheDesertLynx) October 21, 2024

OG Bitcoiner and “Bank to the Future” author Simon Dixon says Saylor is undermining the need for self-preservation because MicroStrategy's long-term plan is to turn into a Bitcoin bank and not offer collateralized loans.

“Bitcoin anarchists: keep helping people get freedom from banks, governments and central banks,” Dixon said.

John Carvalho, CEO of Bitcoin payments firm Synomim, criticized Saylor's move, pointing out that “Bitcoin is the hope” for everyone.

I'm curious what it means if we discount “paranoid crypto-anarchists” and ‘tropes' as salespeople with ulterior motives.

Shortly after FTX crashed in November 2022, Saylor said that Bitcoin's self-sustainability would prevent powerful hackers from disrupting the Bitcoin network.

“In systems without self-governance, the guardians amass too much power and then abuse that power.”

“If you can't keep your coins yourself, there's no way to establish a decentralized network,” Salor added.

Saylor even once advised people to remember their 12-word genealogy and tell them “yourself” if people come to you.

If people come for you, you can tell them to go #bitcoin themselves.

– Michael Saylor pic.twitter.com/WMonJImx7K

— Arson @ Relai (@satoshibaggins) August 16, 2023

Related: Tesla Moves Entire $765M Bitcoin Storage to Anonymous Wallets

Others were more supportive of Saylor's takeover.

“Get Based” founder and host Julian Figueroa believes Saylor's message is aimed at institutions, not individuals.

“Institutions are not and never will be anarchists. Small businesses and plebeians can have hardware wallets and sovereignty. [but] 200+ labor institutions, pensions or wealth funds need bitcoin banks.

Mitchell Askew, principal analyst at Bitcoin mining company Blockware Solutions, added that Saylor is willing to take a “belly critique” to make Bitcoin “less abstract.”

Sailor MicroStrategy is the largest corporate owner of Bitcoin, with 252,220 BTC holdings worth nearly $17 billion, according to Bitcoin Treasury data.

At the end of June, Saylor predicted that by 2045 Bitcoin would be worth $13 million per coin.

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