Some users accused Saylor of abandoning the core principles of Bitcoin and shifting towards a more traditional financial perspective.

In an interview on October 21, 2024, Michael Saylor, founder of MicroStrategy, suggested that Bitcoin holders have nothing to lose by transferring their assets to regulated financial institutions.

He argued that relying on 'too big to fail' banks as custodians would be a safer alternative than using hardware wallets.

His comments came during a discussion where he downplayed the risk of seizure, comparing the situation to historical gold confiscation.

Saylor referenced the 1933 gold confiscation during the Great Depression to illustrate his point, stating that gold was voluntarily turned in.

MicroStrategy is the largest corporate holder of Bitcoin, with a total of 252,220 BTC valued at nearly $17 billion.

Critics highlighted Saylor's previous statements emphasizing the importance of self-custody to prevent corruption within the Bitcoin network.

Saylor dismissed concerns about government seizure of Bitcoin, labeling such beliefs as 'paranoid crypto-anarchism' and claiming the idea of state-sanctioned confiscation is a myth.

He further claimed that there is no reason to fear government seizure of Bitcoin, as the U.S. is not on a Bitcoin standard.

This comment represents a significant departure from Saylor's previous advocacy for self-custody of Bitcoin.

His remarks sparked a strong reaction from the crypto community, highlighting a divide in perspectives on Bitcoin custody.

Despite the backlash, Saylor continues to promote his interview on social media.