MicroStrategy co-founder Michael Saylor faced backlash from the Bitcoin community after making controversial comments about “paranoid crypto-anarchists” and self-custody. In a recent interview, Saylor criticized the Bitcoin community’s concerns over potential seizure events involving large custodial companies.
The co-founder of MicroStrategy argued that these fears stem from individuals who fail to comply with government regulations, suggesting that self-custody might incentivize such scenarios.
Saylor claimed that the real risk of seizure arises when Bitcoin is held by unregulated, non-compliant entities that resist acknowledging taxes and reporting requirements. He contrasted this with assets held by major institutions like BlackRock, Fidelity, or JPMorgan, asserting that their regulated status reduces the likelihood of government seizure, as many lawmakers and politicians have stakes in these firms.
He downplayed concerns about the government seizing Bitcoin, likening the fear to unfounded paranoia. Referencing the 1933 gold seizure, Saylor dismissed parallels to Bitcoin, stating, “It’s mostly paranoid crypto-anarchists that believe that.”
Saylor’s remarks has drew sharp criticism as Bitcoin advocate Max Keiser mocked Saylor’s perspective, comparing it to Stockholm syndrome, while podcaster Vlad Costea accused Saylor of abandoning the Bitcoin community that had once bolstered his reputation.
Ray Youssef, CEO of Noones, tied the comments to the broader state of Bitcoin, suggesting the community overlooked key warnings as it became complacent.