Bitcoin

Michael Saylor, the co-founder and former CEO of MicroStrategy, has addressed Charlie Munger&#39;s criticism of Bitcoin, claiming that he hasn’t taken the time to understand Bitcoin.In a Friday <a href="https://twitter.com/saylor/status/1621548108269191168?s&#61;20" rel="noopener noreferrer nofollow">interview</a> with CNBC, Saylor said he is &#34;sympathetic&#34; to Munger&#39;s criticism of the broader crypto market, noting that thousands of altcoins are little more than avenues for &#34;gambling.&#34; However, he argued that Warren Buffett’s right-hand man would have had a different idea about Bitcoin if he studied it.“If he was a business leader in South America or Africa or Asia and he spent a 100 hours studying the problem, he’d be more bullish on bitcoin than I am,” Saylor explained, adding:<blockquote>“The Western elites have not had the time to study … but I’ve never really met someone with an incentive living in the rest of the world that spent some time thinking about it that wasn&#39;t enthusiastic about bitcoin.”</blockquote>The statements came after Munger&#39;s op-ed for the Wall Street Journal that asked for a blanket ban on cryptocurrencies. Titled &#34;<a href="https://www.wsj.com/articles/why-america-should-ban-crypto-regulation-economy-finance-china-england-trading-currency-securities-commodity-gamble-11675287477" rel="noopener noreferrer nofollow">Why America Should Ban Crypto</a>,&#34; the article argued that a cryptocurrency is &#34;a gambling contract&#34; and urged regulators to act and introduce a regulatory framework.&#34;A cryptocurrency is not a currency, not a commodity, and not a security. Instead, it’s a gambling contract with a nearly 100% edge for the house, entered into in a country where gambling contracts are traditionally regulated only by states that compete in laxity,&#34; Munger said in the op-ed.This is not the first time Munger has lashed out at digital assets. Previously, he had <a href="https://www.cnbc.com/2018/05/05/warren-buffett-says-bitcoin-is-probably-rat-poison-squared.html" rel="noopener noreferrer nofollow">said</a> that trading in cryptocurrencies is &#34;just dementia&#34; and called Bitcoin “<a href="https://www.cnbc.com/2022/11/15/charlie-munger-says-crypto-is-a-bad-combo-of-fraud-and-delusion-good-for-kidnappers.html" rel="noopener noreferrer nofollow">a bad combo of fraud and delusion</a>” that is good for kidnappers.Notably, Warren Buffett, the chairman and CEO of Berkshire Hathaway, also shares the same mindset with his friend Munger when it comes to cryptocurrencies, <a href="https://twitter.com/BeckyQuick/status/992734797939314689" rel="noopener noreferrer nofollow">calling</a> Bitcoin &#34;rat poison squared&#34; in 2018.Meanwhile, Michael Saylor’s big bet on Bitcoin has not gone as expected as the firm has reported a massive loss for the fourth quarter of last year. The net loss for MicroStrategy for the fourth quarter ended up at $249.7 million, with the number dragged down significantly by a <a href="https://cryptonews.com/news/microstrategys-bitcoin-bet-backfires-reports-massive-fourth-quarter-loss-heres-what-you-need-know.htm" rel="noopener noreferrer nofollow">$197.6 million</a> loss from the firm’s bitcoin investment strategy.However, in the interview with CNBC, Saylor said he continues to remain bullish on Bitcoin. He also shares more details about MicroStrategy&#39;s plans to develop Lightning enterprise software. “Microstrategy is actually developing MicroStrategy Lightning, our own enterprise Lightning offering,&#34; he said, adding:<blockquote>&#34;We’re going to allow CMOs to offer Lightning rewards or bitcoin rewards, like a frequent flier program, to hundreds of thousands or millions of their customers, all of their employees and all of their prospects, at the speed of light off a website — and we’re very enthusiastic about that.”</blockquote>

Billionaire Michael Saylor Responds to Charlie Munger's Criticism of Bitcoin – This is What He Said

Cryptonews.com

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