No Privilege Man Wasn’t enthusiastic about Bitcoin, says Saylor

• MicroStrategy released its Q4 2022 mirrors a paper loss of over a billion dollars. 
• MicroStrategy is funded by Silvergate Bank.   
• MicroStrategy developing Lighting enterprises software. 

Michael Saylor, Microstrategy’s executive chairman and co-founder, criticized western financial leaders, especially Charlie Munger, on bitcoin and cryptocurrencies.  

On February 1, 2023, while talking to Wall Street Journal op-ed, Munger termed, “ A cryptocurrency is not a currency, not a commodity, and not a security,” he added  “Instead, it’s a gambling contract with a nearly 100% edge for the house… Obviously, the U.S. should now enact a new federal law that prevents this from happening.”

This is not the first time Munger publicly criticized Bitcoin and other cryptocurrencies; recently, he quoted it as a  “Partly fraud and partly delusion.” In 2021 Munger termed Bitcoin, the giant of crypto, as “rat poison” and other crypto’s as “venereal disease.” 

In a recent interview by CNBC host Morgan Brennan, Saylor shed light upon Munger’s recent op-ed and his opinions on crypto, specifically Bitcoin. He elaborated on the thought by speculating if Munger was a business tycoon in South America, Africa or Asia and would have spent about a hundred hours diagnosing the issue persisting there, his notion for Bitcoin might be different.  

According to Saylor, the western elites were too busy admiring the mirage and couldn’t study the conditions in the aforementioned regions. He said not to have encountered a being with a privileged living who pondered upon the issue and wasn’t enthusiastic about Bitcoin. 

Saylor explained about MicroStrategy developing Lighting enterprises software “ Microstrategy is actually developing MicroStrategy Lightning, our own enterprise Lightning offering. 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.” 

Saylor remarked that bitcoin is unique due to its characteristics such as commodity status, decentralization and “Immaculate Conception,” making it the only king of the crypt-hill. “I’m a bitcoin maximalist; I happen to believe that bitcoin is an instrument of economic empowerment, it’ll be beneficial to eight billion people,” he said in an interview with Forbes in August 2022.  

According to data from Crunchbase, MicroStrategy is funded by Silvergate Bank.   

MicroStrategy released its Q4 2022 earnings on February 2, 2023. The report mirrors a paper loss of over a billion dollars on its Bitcoin holdings. 

Besides huge losses, the Chief Financial Officer of MicroStrategy noted, “We may consider pursuing additional transactions that may take advantage of the volatility in Bitcoin prices, or other market dislocations that are consistent with our long-term Bitcoin strategy.”    

On December 22, 2022, Microstrategy sold nearly 704 BTC, priced at the time at $16,776; this was the first time the company took such a step, as they vouched to never sell. But this sale was followed by a few purchases of about 2,395 tokens for nearly $17,871 each from November 1 to December 21, 2022. 

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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