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 Any attempt to rationalize or promote the madness of trusting your bitcoin with a custodian is a giant red flag.

Control your own keys.

This is why we bitcoin ffs. 
 You're talking about MS? I actually find his regionalization quite logical 
 How so? He's basically chastiseing the movements roots and how it got to 2019.

If we all put our coin with the gov in 2012 we eoukdbt be chatting here 
 In his case it does make sense to not custody keys. He’d have one giant target on his back. Not that he doesn’t have one now, but at least it reduces personal safety risk. 

I wouldn’t be surprised if he has a hardware wallet for a private stash. 

The last thing Saylor needs is to bring that wrong kind of attention to himself. 

all that being said I don’t know how he sleeps at night knowing it can all be taken away with one phone call. 
 What can even be a good argument for holding bitcoin with a custodian today? Generating and securing keys is fairly simple and cheap today for non technical users.