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

Michael Saylor, the co-founder and previous CEO of MicroStrategy, has addressed Charlie Munger’s complaint of Bitcoin, claiming that he hasn’t taken the time to apprehend Bitcoin.

In a Friday interview with CNBC, Saylor said he is “sympathetic” to Munger’s criticism of the broader crypto market, noting that heaps of altcoins are little more than avenues for “gambling.” However, he argued that Warren Buffett’s proper-hand man would have had a one-of-a-kind idea about Bitcoin if he studied it.

“If he turned into a enterprise chief in South America or Africa or Asia and he spent a one hundred hours studying the problem, he’d be greater bullish on bitcoin than I am,” Saylor defined, adding:The statements came after Munger’s op-ed for the Wall Street Journal that asked for a blanket ban on cryptocurrencies. Titled “Why America Should Ban Crypto,” the thing argued that a cryptocurrency is “a gambling settlement” and entreated regulators to behave and introduce a regulatory framework.

“A cryptocurrency is not a currency, not a commodity, and no longer a safety. Instead, it’s a playing contract with a almost a hundred% facet for the house, entered into in a rustic where playing contracts are historically regulated only with the aid of states that compete in laxity,” Munger stated inside the op-ed. This isn’t always the first time Munger has lashed out at digital property. Previously, he had stated that trading in cryptocurrencies is “simply dementia” and called Bitcoin “a awful combination of fraud and fantasy” that is good for kidnappers.

Notably, Warren Buffett, the chairman and CEO of Berkshire Hathaway, also stocks the identical attitude along with his friend Munger in relation to cryptocurrencies, calling Bitcoin “rat poison squared” in 2018.

Meanwhile, Michael Saylor’s big wager on Bitcoin has now not gone as expected because the company has pronounced a big loss for the fourth sector of remaining yr. The internet loss for MicroStrategy for the fourth quarter ended up at $249.7 million, with the variety dragged down considerably by using a $197.6 million loss from the company’s bitcoin funding method.

However, in the interview with CNBC, Saylor stated he continues to stay bullish on Bitcoin. He also shares greater information about MicroStrategy’s plans to expand Lightning organization software program. “Microstrategy is truly developing MicroStrategy Lightning, our personal corporation Lightning offering,” he said, including:The net loss for MicroStrategy for the fourth quarter ended up at $249.7m, with the variety dragged down substantially through a $197.6m loss from the company’s bitcoin funding strategy, the report revealed.

As of the give up of the fourth zone, MicroStrategy held about 132,500 BTC, really worth a few $1.840bn. The agency has recorded a cumulative impairment loss on its BTC retaining of $2.153bn given that acquisition.

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