Michael Saylor calls for a Bitcoin Reformation to integrate Bitcoin with institutions beyond strict self-custody rules.

Michael Saylor has called for a “Bitcoin Reformation” centered on bringing Bitcoin further into institutional finance rather than treating strict self-custody as the only acceptable model for holding the asset, according to Pluang.

The proposal points to a broader role for institutions in Bitcoin ownership and access. Saylor’s framing challenges a long-running debate in the Bitcoin community over whether individuals should directly control their private keys or use intermediaries such as custodians, funds and other financial institutions.

Bitcoin is a decentralized digital asset whose ownership is generally established through control of private keys. Self-custody refers to users holding and managing those keys themselves, while institutional custody places responsibility for safeguarding assets with a third party.

The debate has gained importance as more traditional financial firms and investors seek exposure to Bitcoin. Supporters of institutional involvement argue it can make access and administration easier for larger investors, while self-custody advocates view direct key control as central to Bitcoin’s independence from conventional financial gatekeepers.