Michael Saylorco-founder and former CEO of MicroStrategyresponded to criticism from Charlie Munger on Bitcoin, claiming that he hasn’t taken the time to study cryptocurrency.
In interview granted Friday to CNBC, Saylor said he could understand Mr. Munger’s criticism of the broader crypto market, noting that thousands of altcoins are little more than gambling. However, he argued that Warren Buffett’s right-hand man would have had a different idea about Bitcoin if he had bothered to research it.
“If he was a business leader in South America, Africa, or Asia and he seriously studied the issue, he would be more bullish on Bitcoin than I am,” Saylor explained:
“Western elites haven’t had time to delve into the subject (…) but I haven’t met anyone living in the rest of the world who has spent time thinking about the issue who wasn’t enthusiastic with respect to bitcoin.”
These statements come after Munger’s editorial for the Wall Street Journal which called for a blanket ban on cryptocurrencies. Entitled “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, nor a commodity, nor a security. It is a gambling contract with an almost 100% house advantage, concluded in a country where gambling contracts are traditionally regulated only by states that compete for laxity,” Munger said in the op-ed.
This isn’t the first time Munger has gone after digital assets. Previously, he said cryptocurrency trading was akin to “madness”, describing Bitcoin as a “mixture of fraud and delusion” good for kidnappers.
warren buffettChairman and CEO of Berkshire Hathawayalso shares the same mindset as his friend Munger when it comes to cryptocurrencies, and has qualified the bitcoin of “squared rat poison” in 2018.
Michael Saylor’s bitcoin bet didn’t go as planned as the firm posted a negative result for the fourth quarter of last year. MicroStrategy’s net loss for the quarter was $249.7 million, and the firm’s bitcoin investment strategy reportedly contributed $197.6 million to that result.
However, in the interview with CNBC, Mr. Saylor said he remains optimistic about the evolution of Bitcoin. He also shared more details about MicroStrategy’s plans to develop Lightning enterprise software. “Microstrategy is currently developing MicroStrategy Lightning, an enterprise offering,” he said, adding:
“We are going to allow CMOs (chief marketing officer) to offer lightning rewards or bitcoin rewards, similar to a loyalty program, to hundreds of thousands or millions of their customers, all their employees and all their prospects. , at the speed of light from a website – and we’re very excited about it.”
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