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[Michael Saylor Proposed To Custody Bitcoin Through "too Big To Fail" Financial Institutions, Which Was Criticized By Industry Insiders] MicroStrategy Executive Chairman Michael Saylor Recently Suggested That Bitcoin Should Be Custodyed Through "too Big To Fail" Financial Institutions Instead Of Using Self-custody, Which He Once Supported. This Remark Was Fiercely Criticized. In An Interview On October 21, He Said That Holders Would Not Lose Anything By Transferring Bitcoin To Financial Institutions. When Asked Whether The US Government Would Deprive Bitcoin Holders Of Their Self-custody Rights, Just As Holding Gold Was Considered Illegal In 1933, Saylor Added That Anyone Who Believes That The Government Approves The Confiscation Of Bitcoin Is A "paranoid Crypto-anarchist" And "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 Obvious 180-degree Turn On The Issue Of Self-custody Was Criticized By Industry Insiders. Sina, Founder Of 21st Capital, A Bitcoin Custody And Security Company, 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 Words Are Aimed At Institutions, Not Individuals. Earlier News, Michael Saylor Said That MicroStrategy's Ultimate Goal Is To Become A Bitcoin Bank And Build A Company With A Market Value Of One Trillion US Dollars
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