According to Cointelegraph, MicroStrategy Executive Chairman Michael Saylor has faced criticism from the Bitcoin community for his recent suggestion to entrust Bitcoin custody to "too big to fail" financial institutions. Saylor, who has previously been a proponent of self-custody for Bitcoin, stated in a recent interview that handing over assets to large banks would not result in losses and criticized the concerns over government confiscation of Bitcoin as "unnecessary fear." Sina, the founder of 21st Capital, and Simon Dixon, the author of "Bank to the Future," questioned Saylor's motives, suggesting that his move might be aimed at advancing MicroStrategy's transformation into a "Bitcoin bank."

According to Cointelegraph, MicroStrategy Executive Chairman Michael Saylor has faced criticism from the Bitcoin community for his recent suggestion to entrust Bitcoin custody to "too big to fail" financial institutions. Previously, Saylor had been a proponent of self-custody for Bitcoin, arguing that it prevents custodians from abusing their power. However, in an interview on October 21, he stated that Bitcoin holders would not incur losses by entrusting their assets to major banks and criticized the concerns about government confiscation of Bitcoin as "unnecessary fear." Both 21st Capital founder "Sina" and Bank to the Future author Simon Dixon questioned Saylor's motivations, suggesting that his move may be aimed at pushing MicroStrategy towards a transformation into a "Bitcoin bank."

Michael Saylor has faced criticism from the Bitcoin community for proposing that Bitcoin custody be handed over to "large" financial institutions.