“‘Charlie and the other critics, the members of the Western elite … are continually prodded for an opinion on bitcoin, and they haven’t had the time to study it.’”
Michael Saylor, the co-founder and CEO of MicroStrategy, shared his thoughts on bitcoin and on billionaire investor Charlie Munger in an interview with CNBC on Friday afternoon.
Saylor specifically talked about Munger’s op-ed, published in the Wall Street Journal earlier this week, in which Munger said cryptocurrency is not a currency, a commodity or a security. “Instead, it’s a gambling contract with a nearly 100% edge for the house,” he wrote.
“His criticisms of crypto aren’t totally off,” Saylor said on CNBC’s “Squawk on the Street.” “There are 10,000 crypto tokens which are gambling, and I sympathize with him on that matter. But Charlie and the other critics, the members of the Western elite … are continually prodded for an opinion on bitcoin, and they haven’t had the time to study it.”
Saylor said if Munger were a business leader in South America or Africa or Asia and had spent hundreds of hours studying the problem, he would even be more bullish on bitcoin than Saylor himself is.
“I really think the Western elites haven’t had the time to study it. But I’ve never really met someone with an incentive, living in the rest of the world, and [who] spent some time [thinking] about it that wasn’t enthusiastic about bitcoin.”
Saylor was asked if he had any thoughts on regulation of cryptocurrencies, especially after the collapse of crypto exchange FTX, which filed for bankruptcy in November 2022. On the day before FTX filed for bankruptcy, Saylor said that bitcoin
was the ‘least controversial of everything.’
“The crypto meltdown was painful in the short term but is necessary in the long-term for the industry to grow up,” Saylor said Friday. “This industry has some good ideas, like digital currencies and assets moving at the speed of light, that are unstoppable … and it also has a lot of entrepreneurs that implemented those good ideas in an irresponsible fashion.”
Saylor said that what the crypto industry needs is maturation, with firms like Goldman Sachs
coming in. He also said that it needs clear guidelines from Congress and the Securities and Exchange Commission.