• Michael Saylor, the co-founder and former CEO of MicroStrategy, has responded to Charlie Munger’s criticism of Bitcoin.
• Munger wrote an op-ed for the Wall Street Journal which asked for a blanket ban on cryptocurrencies, calling them “gambling contracts” and urging regulators to act.
• Saylor argued that if Munger studied Bitcoin he would be more bullish on it, as people all over the world are enthusiastic about it.
Billionaire Michael Saylor Responds to Charlie Munger’s Criticism of Bitcoin
Michael Saylor, the co-founder and former CEO of MicroStrategy, has addressed Charlie Munger’s criticism of Bitcoin. In a Friday interview with CNBC, Saylor said he is „sympathetic“ to Munger’s criticism of the broader crypto market but claimed that Warren Buffett’s right-hand man would have had a different idea about Bitcoin if he studied it.
Munger’s Op-Ed
Charlie Munger recently wrote an op-ed for the Wall Street Journal which asked for a blanket ban on cryptocurrencies. Titled „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. He said in the op-ed that cryptocurrencies are not a currency, not a commodity, and not a security but instead they are „gambling contracts with a nearly 100% edge for the house“.
Saylor Responds
Michael Saylor responded to this by noting that thousands of altcoins are little more than avenues for „gambling“. However, he argued that if Munger was living in South America or Africa or Asia and spent 100 hours studying Bitcoin he would be more bullish on it than himself as people from these countries have been enthusiastic about it once they understand its potential benefits.
Warren Buffett Shares Similar Opinion
Warren Buffett also shares similar opinion with his friend Charlie when it comes to cryptocurrencies as previously called Bitcoin “rat poison squared” in 2018.
Michael Saylor Remains Bullish On Bitcoin Despite Losses
Despite reporting huge losses due to its bitcoin investment strategy at the end of last year, Michael Saylor remains bullish on bitcoin and continues to invest in it.