Michael Saylor Bitcoin strategy is a ‘betrayal’ of core crypto principles: Craig Wright
Craig Wright, the controversial figure who claims to be Bitcoin’s creator, lashed out at Michael Saylor, co-founder of MicroStrategy, accusing him of distorting the true essence of Bitcoin.
Wright’s condemnation comes on the heels of Saylor’s announcing that he wants to turn MicroStrategy into a merchant bank for Bitcoin (BTC).
In a blistering critique, posted to X on Oct. 12, Wright said Bitcoin “has been distorted, manipulated, and centralized—now incapable of facilitating simple transactions without the intervention of intermediaries.”
Wright directed his ire at Saylor specifically for “building a so-called ‘Bitcoin bank’ to serve as the very obstacle that Bitcoin was designed to eliminate.”
Saylor recently told Bernstein analysts that MicroStrategy is “a Bitcoin finance company” and that the goal is to amass $150 billion In Bitcoin holdings. The Tysons Corner, Virginia-based company is the largest corporate Bitcoin holder globally.
“This is not innovation,” Wright said. “This is the betrayal of the principles Bitcoin was built upon.” See the full statement below.
This is a textbook case of misrepresentation and passing off. Michael Saylor stands before the world, falsely proclaiming that BTC is Bitcoin, when the truth is laid bare for anyone who bothers to look.
Bitcoin, as designed, is meant for small, casual transactions,… https://t.co/MDAFHr1PwI
— S Tominaga (@CsTominaga) October 12, 2024
Saylor vs. Wright
Wright’s criticism comes at a time when Saylor is positioning MicroStrategy as a major BTC holder and an advocate for Bitcoin as “digital gold.”
Wright, however, suggests that Saylor’s strategy distorts Bitcoin’s original purpose. He continues:
“To call BTC ‘Bitcoin’ while simultaneously profiting from the very middleman role that true Bitcoin rejects is the height of deception, and it is through this misrepresentation that Saylor seeks to build his empire.”
This critique reflects a broader, ongoing debate within the cryptocurrency community about the true vision of Bitcoin. While Saylor is seen by many as a key figure in bringing institutional attention to BTC, Wright and others claim that BTC has strayed from Bitcoin’s original goals, particularly regarding scalability and transaction fees.
Wright’s condemnation is sure to ignite further discussions, as the rift between different factions of the Bitcoin community—particularly BTC and Bitcoin SV proponents—continues to deepen.
Bitcoin SV is a cryptocurrency that originated from a hard fork of Bitcoin Cash (BCH) in November 2018.
Saylor has been an outspoken advocate for Bitcoin as a long-term investment, buying billions of dollars worth of BTC through MicroStrategy. He views Bitcoin as a hedge against inflation and a store of value, similar to gold.
Wright, on the other hand, insists that Bitcoin was not meant to be a store of wealth.
Satoshi claims
Wright isn’t without controversy in his own right. His claim that he is Satoshi Nakamoto, Bitcoin’s pseudonymous creator, remains a point of contention and skepticism within the wider cryptocurrency community.
A new documentary from HBO on Satoshi Nakamoto seemingly raised the possibility of Bitcoin developer Peter Todd as the cryptocurrency’s creator.
Todd denied that he’s Satoshi on X.com.
I’m not Satoshi.
— Peter Todd (@peterktodd) October 8, 2024
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