Earlier this week, Charlie Munger–the vice chairman of Berkshire Hathaway–argued that a lack of crypto regulation encouraged a gambling mentality, and asked the government of the United States to ban cryptocurrencies, similar to what China had done. While being on the topic, Michael Saylor, the Executive Chairman of MicroStrategy, stated that Charlie and other prominent business leaders are constantly being asked for their opinion on Bitcoin (BTC), despite the fact that they have zero to no knowledge about the flagship cryptocurrency.
Saylor’s Dig At Munger
In a televised interview on CNBC, Saylor stated that he is “sympathetic” to Munger’s broad objections to crypto, and argued that Munger most likely did not get the time to research about it. Saylor remarked that if the 99-year-old Munger was a business leader in South America or Africa or Asia and spent 100 hours studying the subject, he would certainly be more positive on Bitcoin (BTC) than he was.
However, Saylor did partly agree with Munger’s comparison of cryptocurrencies to gambling. He was quoted as saying:
His criticisms of crypto aren’t totally off. There are 10,000 crypto tokens which are gambling, and I sympathize with him on that matter.
Despite what legacy billionaires like Munger may think, the chairman of MicroStrategy is definitely still optimistic about the development of bitcoin. In addition, his statements shed light on the fact that he is aware of the global nature of Bitcoin and its capacity to empower people who do not yet have the same level of financial connectivity as people in the West.
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Unwavering Support For Bitcoin
Saylor has been unwavering in his support for Bitcoin, and he is of the opinion that people in other parts of the world are more aware of the potential applications of the digital commodity. Saylor made it abundantly clear that he is committed to the widespread use of Bitcoin and to connecting the world in a new way with his decision to work on the development of the Lightning Network software.
Today’s interview with @MorganLBrennan covered the success of @MicroStrategy, global adoption of #Bitcoin and #Lightning, the evolution of the crypto industry, and the digital transformation of money. pic.twitter.com/bEnLOVbpiJ
— Michael Saylor (@saylor) February 3, 2023
Furthermore, Saylor emphasized that the cryptocurrency sector needs to mature, with companies such as Goldman Sachs, Morgan Stanley, and Blackrock entering the crypto market. Additionally, he stated that it requires unambiguous rules from both Congress and the Securities and Exchange Commission (SEC).
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