Michael Saylor proposed to use "too big to fail" financial institutions to custody Bitcoin, which was criticized by industry insiders

Odaily News MicroStrategy Executive Chairman Michael Saylor has come under fire for his recent suggestion that Bitcoin should be held in custody by “too big to fail” financial institutions, rather than using self-custody, which he once supported. He said in an interview on October 21 that holders would not lose anything by transferring Bitcoin to financial institutions. When asked whether the U.S. government would take away Bitcoin holders’ self-custody rights, just as holding gold was made illegal in 1933, Saylor added that anyone who believes that the government sanctioned the confiscation of Bitcoin is a “paranoid crypto-anarchist” who “has a lot of unnecessary fear.” He said that instead of relying on hardware wallets, it is better to rely on “too big to fail” banks because they are “designed to be custodians of financial assets.” Saylor’s apparent 180-degree turn on the issue of self-custody has been criticized by industry insiders. Sina, founder of Bitcoin custody and security company 21st Capital, said: "Saylor's mission is to downgrade Bitcoin to an investment pet rock and stop its use as currency." Meanwhile, Simon Dixon, author of "Bank to the Future," speculated that Saylor is undermining the importance of self-custody because it is not conducive to MicroStrategy's long-term plan to transform into a Bitcoin bank and provide mortgage loans. However, some people agree with Saylor's point of view. Julian Figueroa, founder and host of "Get Based", believes that Saylor's remarks are aimed at institutions, not individuals. (Cointelegraph) Earlier, Michael Saylor said that MicroStrategy's ultimate goal is to become a Bitcoin Bank and build a trillion-dollar company.