Bitcoin bull Michael Saylor reverses comments about his custody after backlash.

MicroStrategy founder Michael Saylor has walked back his comments that large banks should manage Bitcoin following strong backlash from the cryptocurrency community.

In an Oct. 23 post to

Saylor has come under fire from the cryptocurrency community, including Ethereum co-founder Vitalik Buterin, after he criticized “paranoid crypto anarchists” in a recent interview.

At the same time, he suggested that Bitcoin holders should place their assets in “too big to fail” banks that are “designed to be custodians of financial assets.”

As part of his apparent redemption post for

Gabor Gurbacs, VanEck’s adviser, responded that this was not a controversial position but “simple common sense.”

Meanwhile, Dash marketer Joel Valenzuela said it was a “surrender” and added that Sailor showed his “true colors.”

The Oct. 21 interview sparked a debate over self-custody but also outraged Bitcoiners like Samson Mow, who mocked the label “crypto anarchist.”

On October 23, Max Keizer said, “Recent comments attacking self-protection demonstrate a regressive trend in favor of the traditional, centralized banking fraud that Bitcoin solves.”

relevant: Saylor’s comments on big banks storing BTC are ‘insane’ — Buterin

On October 23, Pascal Gauthier, CEO of hardware wallet maker Ledger, said in an interview with Cointelegraph, “There is no cryptocurrency without self-custodial rights, so it would be controversial if all coins went to ETFs or exchanges. “There is,” he said. Connecting his product at a blockchain event held in Dubai.

However, this self-storage method is not without its risks. That’s because the company caused a stir in 2020 when it was hacked, resulting in a massive data breach and hundreds of thousands of Ledger customers’ personal information being sold on the dark web. Phishing attacks continue today.

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