Michael Saylor is the co-founder of MicroStrategy, a company that took to buying bitcoins in August 2020. Since then, the giant has become the largest holder of the first cryptocurrency and has accumulated more than a quarter of a million BTC – here’s the relevant ranking.

The largest holders of BTC bitcoins among publicly traded companies

Michael himself has previously been noted for remarks that have drawn criticism. For example, in July 2022, he referred to Efirium and other cryptocurrencies based on the Proof-of-Stake consensus mechanism as securities. In addition, he hinted that such projects should be dealt with by the relevant regulators.

At the time, many crypto enthusiasts speculated that Sailor may not value decentralisation, and sees Bitcoin only as a way to make money and increase his own company’s role in the world. Still, calls to sort out other crypto projects hardly have anything to do with the ideals of decentralisation.

How to properly store cryptocurrencies?

Earlier this week, Michael Saylor was interviewed by reporter Madison Reidy, during which he talked about what he thinks is the best method of storing crypto. During the conversation, the MicroStrategy co-founder recommended using the services of large custodians, the collapse of which simply looks like an impossible scenario.

MicroStrategy co-founder Michael Saylor

That is, Saylor advocated handing over his own bitcoins to institutional custodians. Those are supposedly “firmly on their feet,” and as such, there is now no reason not to entrust them with the custody of your funds, Cointelegraph notes.

Previously, Michael openly advocated self-storage of cryptocurrencies, so the current change in his views looks doubly strange.

Still, experienced fans of coins appreciate them for their decentralisation, i.e. independence from any corporations or governments. Well, this makes investors store coins on non-custodial wallets, in which the user himself is responsible for the safety of the crypto.

Ledger Flex hardware cryptocurrency wallet

A person who thinks a state-sanctioned takeover of bitcoins is possible is a “paranoid cryptoanarchist,” Sailor said. Here’s his comment.

This is a myth and a trope that is repeated over and over again. There are a lot of unnecessary fears.

Instead of trusting hardware wallets, Saylor prefers to rely on “too-big-to-fail” banks that are “designed to be custodians of financial assets.”

Michael Saylor’s interview sparked a wave of criticism among members of the blockchain community. Here, for example, is a comment from the founder of custodian 21st Capital under the nickname Sina.

It’s appalling that Saylor has become a mouthpiece for the government and banking system, and calls true crypto fans paranoid. Sailor aims to turn Bitcoin into an investment gem and end its use as a currency. Creepy vibe.

Rounds of MicroStrategy’s purchase of BTC

Coin user and author of The Future Bank, Simon Dixon, suggested that Sailor is undermining the importance of self-storage of cryptocurrencies because such a thing would not be good for MicroStrategy’s long-term plans to become a crypto bank and provide collateralised loans. Here’s his rejoinder.

Bitcoin anarchists – keep helping people find freedom from banks, governments and central banks.

Synonym CEO John Carvalho also criticised Saylor’s shift in approach to holding digital assets.

I wonder what exactly this means if we should discount “paranoid cryptoanarchists” and their tropes.

Amusingly, shortly after the collapse of major cryptocurrency exchange FTX in November 2022, Saylor said that self-storage of bitcoins prevents large financial institutions from disrupting the cryptocurrency ecosystem. Here’s his archived quote.

In systems without self-storage, custodial platforms accumulate too much power and then can abuse it. If you can’t self-store your coins, it’s impossible to create a decentralised network.

MicroStrategy executive chairman Michael Saylor

However, Michael Saylor’s new opinion has found its supporters nonetheless. Julian Figueroa, founder and host of Get Based, said that the MicroStrategy CEO’s message was addressed to financial institutions, not individuals.

Institutionalists are not and never will be anarchists. Small businesses and plebs can have hardware wallets and sovereignty, but institutions with 200+ employees, pension funds and wealth funds need Bitcoin banks.


As a reminder, the best way to store digital assets is considered a combination of hot and hardware wallets. The former is used to interact with various decentralised applications and platforms, and stores a small amount required for transactions. In this way, the user limits the possible amount of loss in case the wallet is hacked, which is possible due to its internet connection.

At the same time, the hardware device stores the entire amount of coins. It is also worth noting that ideally the device should be used only for sending and receiving crypto. Thanks to this, the owner eliminates the risk of problems in case a certain decentralised application, with which the wallet has previously interacted and provided it with the appropriate permissions, is hacked.


Buying cryptocurrency by investors

From this point of view, Michael Saylor’s thesis does look more logical. A balance between the purchase of BTC by institutions and ordinary investors would help maintain decentralisation and make the industry more popular in the eyes of many. However, for the average user, the best scenario is still self-storage of coins.

However, this is something that needs to be worked out. In the beginning, newcomers to the world of crypto buy and store coins on exchanges. Over time, they begin to understand the topic of secure coin accumulation, the concept of cid-phrases and the principle of hardware wallets.


Michael Saylor's remarks may indeed seem logical for large companies that are going to interact with digital assets. However, he has a lot of fans among ordinary retail investors. Therefore, talking about "paranoid cryptoanarchists" is far from a good idea, which, moreover, casts doubt on Saylor's values.