MicroStrategy co-founder and former CEO Michael Saylor has addressed Charlie Munger’s criticism of bitcoin, claiming he hasn’t taken the time to understand bitcoin.
in friday Interview Speaking with CNBC, Saylor said he is “sympathetic” to Munger’s criticism of the broader crypto market, noting that thousands of altcoins are little more than avenues for “gambling.” However, he argued that Warren Buffett’s right-hand man would have a different view of bitcoin if he had studied it.
“If he was a business leader in South America or Africa or Asia and he spent 100 hours studying the problem, he would be more bullish on bitcoin than I am,” Saylor explained, adding:
“The Western elite don’t have time to study… but I haven’t really met anyone who spent some time with the incentive to live in the rest of the world who wasn’t enthusiastic about bitcoin. “
The statements came after Munger’s op-ed for the Wall Street Journal called for a comprehensive ban on cryptocurrencies. Topic “Why America should ban crypto,” the article argued that a cryptocurrency is “a gambling contract” and urged regulators to act and introduce a regulatory framework.
“A cryptocurrency is not a currency, not a commodity, and not a security. Instead, it is a gambling contract with almost 100% edge to the house, entered into in a country where gambling contracts are traditionally are regulated only by the states that compete. Laxity,” Munger said in the op-ed.
This is not the first time Munger has criticized digital assets. before, they had Said Trading In Cryptocurrency Is “Just Dementia” And It’s Called Bitcoin”a bad combo of fraud and confusion“It’s good for the kidnappers.
Notably, Warren Buffett, chairman and CEO of Berkshire Hathaway, also shares a similar mindset with his friend Munger when it comes to cryptocurrencies. calling Bitcoin “Rat Poison Squared” in 2018.
Meanwhile, Michael Saylor’s big bet on bitcoin didn’t pan out as expected as the firm posted massive losses in the fourth quarter of last year. MicroStrategy’s Net Loss for the Fourth Quarter Ended at $249.7 Million, a Significant Decrease in Number $197.6 million Losses from the firm’s bitcoin investment strategy.
However, in the interview with CNBC, Saylor said that he remains bullish on bitcoin. He also shared more details about MicroStrategy’s plans to develop Lightning Enterprise software. “MicroStrategy is actually developing MicroStrategy Lightning, which is our own enterprise Lightning offering,” he said.
“We are going to allow CMOs to offer Lightning Rewards or Bitcoin Rewards like a frequent flyer program to hundreds or millions of their customers, all their employees and all their prospects at the speed of light from one website. — And we’re very excited about it.”
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