Changpeng Zhao and Michael Saylor Call for Self-Custody of Crypto Assets

Binance’s chief executive Changpeng Zhao described self-custody of assets as “one of the fundamental human rights”, but warned of “costly mistakes”.

Self custody is a fundamental human right.
You are free to do it at any time.
Just make sure you do do it right.
Recommend start with small amounts to learn the tech/tools first.
Mistakes here can be very costly.
Stay #SAFU

— CZ 🔶 Binance (@cz_binance) November 13, 2022

“Self-custody of assets is a fundamental human right. You can do this at any time. Just make sure you do it right. I would recommend starting with small sums to learn the technology and tools. Mistakes here can be very costly,” he wrote.

Zhao also suggested reading his article written two years ago about self-custody of digital assets. It allegedly saves money and ‘spares you the headaches’ in the future.

Former MicroStrategy Michael Saylor, in a Cointelegraph commentary, noted the need to take responsibility for one’s funds, emphasising that such an approach increases decentralisation.

“In systems without self-custody, custodians accumulate too much power, and they may begin to abuse it,” he explained.

Earlier, Saylor reaffirmed MicroStrategy’s stance to further purchases of Bitcoin, despite FTX’s bankruptcy and volatility in the digital-asset market.

As Zhao noted, the current crypto industry is reminiscent of the 2008 financial crisis. He believes that even more companies could fail in the coming weeks.

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