Michael Saylor has been criticized by the Bitcoin community for proposing that Bitcoin custody be handed over to "big" financial institutions

According to reports, MicroStrategy Executive Chairman Michael Saylor has been criticized by the Bitcoin community for his recent suggestion that Bitcoin be entrusted to "too big to fail" financial institutions. Previously, Saylor was a supporter of self-custody of Bitcoin, believing that self-custody could prevent custodial institutions from abusing power. However, in an interview on October 21st, he stated that Bitcoin holders would not suffer losses if they entrusted their assets to large banks and criticized the fear of government confiscation of Bitcoins as "unnecessary".

This position is seen as a major shift in Saylor's attitude, causing dissatisfaction among several Bitcoin supporters. The founder of 21st Capital "Sina" and Simon Dixon, author of "Bank to the Future", both questioned Saylor's motives behind this move and believed it might be aimed at promoting MicroStrategy's transition towards becoming a “Bitcoin bank”. Meanwhile John Carvalho, CEO of bitcoin payment company Synonym said that Saylor had deviated from his original belief that “Bitcoin is hope”.

Despite this criticism some believe that Saylor’s views are more oriented towards institutional investors emphasizing larger corporations and funds need more secure custody methods.