MicroStrategy's Saylor Speaks Out After Sparking Strong Backlash

In a Wednesday social media post, MicroStrategy co-founder Michael Saylor recently addressed his controversial comments about self-custody. 

Saylor has clarified that he supports self-custody for those who are able to safeguard their own private keys. 

The billionaire has clarified that both individual and institutional owners of Bitcoiners should be free to opt for their preferred form of custody. 

Bitcoin, according to Saylor, should "welcome everyone" since the flagship cryptocurrency "benefits from all forms of investment by all types of entities." 

The comment comes shortly after Saylor downplayed the importance of self-custody during his recent appearance on the “Markets with Madison” podcast. The MicroStrategy co-founder took a dig at "paranoid" Bitcoiners who prioritize self-custody, arguing that the risk of Bitcoin being confiscated is much lower if it is held by reputed regulated entities of the likes of Fidelity. 

Saylor's words were treated as heresy by many members of the Bitcoin community who prefer to have full control over their coins. 

As reported by U.Today, Ethereum co-founder Vitalik Buterin was among the crypto luminaries who harshly criticized Saylor over his custody-related comment. The Canadian programmer behind Bitcoin's main competitor went as far as calling Saylor's statement "insane." 

However, there were also some Saylor supporters who argued that the billionaire was simply being pragmatic and realistic about Bitcoin's adoption prospects. 

With that being said, the recent controversy once again highlighted a rift within the Bitcoin community.