Michael Saylor’s aggressive Bitcoin strategy in recent years has largely paid off for him and MicroStrategy, making the company now one of the largest corporate holders of Bitcoin. In a recent interview, Saylor unveiled an ambitious plan to transform MicroStrategy into a leading Bitcoin bankwith the aim of capitalizing on the growing interest in digital currencies and strengthening the company’s role in the crypto ecosystem.
This plan is not going well with some crypto participants, such as Craig Wright, a controversial figure who has controversially claimed to be the creator of Bitcoin.
In a recent post on social media platform X, Wright called out Michael Saylor and accused him of defying the true essence of Bitcoin.
Craig Wright says Saylor is betraying Bitcoin
According to Craig Wright, Bitcoin was created to enable small, single transactions peer-to-peer without the need for an intermediary. However, recent dynamics in the crypto ecosystem have seen Bitcoin evolve over the years and make his way in the traditional financial sector. As such, Wright noted that Bitcoin has been distorted and manipulated. He claims that Bitcoin has become centralized and is now unable to facilitate simple transactions without the involvement of intermediaries.
Wright further claims that Michael Saylor’s ambitious plan to create a Bitcoin bank is fundamentally at odds with Bitcoin’s core principles. He believes that Saylor’s intentions are not aimed at strengthening Bitcoin’s original purpose, but rather at positioning himself as the main intermediary in the crypto space, seeking to make profits at the expense of other participants .
“Calling BTC ‘Bitcoin’ while profiting from the role of a middleman that dismisses the real Bitcoin is the height of deception, and it is through this misrepresentation that Saylor is trying to build his empire,” says Wright. said.
What is Saylor’s Bitcoin Bank?
Michael Saylor sees MicroStrategy transforming into a proposed Bitcoin bank, designed to operate by acquiring more Bitcoins through various financial instruments, including stocks, convertible bonds and fixed income markets. This approach is intended to expose MicroStrategy’s investors to Bitcoin price movements through MicroStrategy. This strategy is a result of the company’s strong belief in Bitcoin, with Saylor now saying the endgame is to grow into a trillion-dollar company that would give investors access to Bitcoin’s price.
Since 2020, Saylor and MicroStrategy have accumulated their knowledge an impressive reserve of over 252,220 Bitcoinswhich is currently valued at approximately $15.7 billion. Notably, a significant portion of these Bitcoin purchases were financed by issuing approximately $4 billion in debt.
On the other hand, Bitcoin recently exceeded $63,000 price mark again in the last 24 hours. This amounts to an increase of 6.5% in less than three days since it retested $59,000 on October 10.
Featured image from Pexels, chart from TradingView