Michael Saylor, chairman of MicroStrategy, has sparked controversy after recommending users to deposit Bit into major banks instead of self-custody, which he had previously supported. In an interview on October 21, Saylor claimed that depositing Bit into large financial institutions would not be harmful, contradicting his previous stance on the need for self-custody of Bit to avoid excessive power being concentrated in the hands of institutions.
Joel Valenzuela - a Crypto supporter, strongly criticized Michael Saylor in a tweet. He argued that someone with a significant influence on the Bit community has changed his stance by advising people that they do not need to self-custody Bit and should trust the government and financial institutions. Saylor also claimed that the government confiscating Bit is impossible and those who oppose it are "delusional and fraudulent for profit." Valenzuela stated that those who support Saylor or remain silent are complicit in the sabotage of Bit and affirmed that Bit is losing its core value, despite price fluctuations.
Saylor also dismissed concerns that the US government would strip the right to self-custody Bit, like the 1933 gold ban, calling it an unnecessary fear. Many in the Bit community have criticized him, saying he is diminishing the value of Bit as a currency for everyday use.
