Billionaire Michael Saylor responds to Charlie Munger’s criticism of Bitcoin – Here is What He Said
Michael Saylor, co-founder and ex-CEO of MicroStrategy has responded to Charlie Munger’s criticisms of Bitcoin. He claimed that he didn’t take the time to fully understand Bitcoin.
On Friday Interview CNBC’s Saylor stated that he sympathizes with Munger’s criticisms of the wider crypto market. He noted that altcoins, which number in the thousands, are little more than “gambling” opportunities. He argued, however, that Warren Buffett’s right-handman would have a different view of Bitcoin if he had studied it.
Saylor said, “If he were a South American or African business leader, and he spent 100 hours studying this problem, he would be more bullish about bitcoin than I am.”
“The Western elites don’t have the time to study… But I’ve never met anyone with an incentive to live in the rest of world who spent time thinking about it and wasn’t excited about bitcoin.”
These statements were made after Munger’s Wall Street Journal op-ed in which he called for a blanket ban of cryptocurrencies. The title of the article is “Why America Should Ban CryptoThe article stated that a cryptocurrency was “a gambling contract”, and called on regulators to create a regulatory framework.
A cryptocurrency is not a currency, a commodity or a security. It’s a contract for gambling with almost a 100% advantage for the house. This was entered into in a country that has traditionally been regulated only by states who compete in laxity.” Munger stated in the op-ed.
Munger isn’t the first to attack digital assets. He had previously Trading in cryptocurrency is not “just dementia”, and it’s called Bitcoin “A bad combination of fraud and delusion“That is good news for kidnappers.
Warren Buffett, chairman and CEO at Berkshire Hathaway shares the same outlook as his friend Munger regarding cryptocurrencies. Calling Bitcoin is “rat poison squared” for 2018.
Michael Saylor’s huge bet on Bitcoin is not going as planned. The firm reported a large loss in the fourth quarter last year. MicroStrategy’s fourth quarter net loss was $249.7million. This number was impacted by the $197.6million loss from its bitcoin investment strategy.
CNBC interviewed Saylor to confirm that he remains bullish on Bitcoin. He also shared more information about MicroStrategy’s plans to create Lightning enterprise software. He said that MicroStrategy Lightning is being developed by MicroStrategy, which is our enterprise Lightning offering.
We’re excited to let CMOs offer Lightning rewards and bitcoin rewards to their customers and employees, as a frequent flyer program, to hundreds or millions of their customers and prospects at lightning speed via a website.