MicroStrategy’s Michael Saylor Calls for Freedom of Choice in Bitcoin Holdings Lately

After responding to comments that regulated entities like BlackRock and Fidelity are safe alternatives to holding bitcoins, MicroStrategy founder Michael Saylor clarified his stance on self-funding.

In a tweet, Saylor expressed his support for individuals who choose to hold their own bitcoins, while also advocating that everyone has the right to make their own choices.

He even emphasized that Bitcoin should be open to all types of investment, accepting contributions from both individuals and institutions.

“I support self-governance for the willing and able, the right to protect everyone, and the freedom to choose guardians and custodians for individuals and institutions worldwide. #Bitcoin is used in all types of investments and everyone is welcome.”

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Bitcoin protection debate heats up

As spot Bitcoin ETFs and other traditional investment vehicles gain popularity, the debate over crypto ownership continues to grow.

Meanwhile, Saylor's latest clarification comes after a massive backlash from the crypto community. In a controversial statement to the NZ Herald's senior business journalist Madison Reidy earlier this week, Saylor said Bitcoin-related concerns were held by unregulated private entities and “crypto-anarchists” who often “reject government regulation, taxes and reporting requirements”. He said.

He argued that this increases the risk of property capture as these entities operate outside the scope of regulation. Instead, Saylor pointed out that when bitcoin is held by large public institutions such as BlackRock, Fidelity, JPMorgan and State Street Bank, the risk of a crash is much lower.

Because most of these institutions manage pension funds for politicians and government officials, these institutions have the support of legislative bodies and law enforcement bodies, he said.

Back off

The controversial statement did not sit well with many crypto advocates. Ethereum founder Vitalik Buterin called the comments “badshit crazy” and said that Saylor's approach – supporting regulatory capture by ensuring that lawmakers and law enforcement have an interest in these entities – goes against the core principles of crypto.

Buterin pointed out that there are sufficient conditions for the failure of such strategies and emphasized that crypto is decentralized and resists the control of large institutions.

Prominent bitcoin expert Max Kaiser criticized Seiler's comments for attacking self-governance and showing a tendency to favor the same centralized banks that bitcoin is meant to oppose.