Craig Wright Says Michael Saylor Is Betraying Bitcoin's True Essence by Trying to Create a Bitcoin Bank

Michael Saylor's aggressive Bitcoin strategy over the past few years has largely paid off for him and MicroStrategy, making the company now one of the largest

Craig Wright, a controversial figure who claims to be the creator of Bitcoin, has slammed Michael Saylor's plan to create a Bitcoin bank, calling it a "betrayal" of the cryptocurrency's true essence.

In a recent post on social media platform X, Wright took aim at Saylor, accusing him of seeking to profit from a role that Bitcoin was designed to eliminate.

“The essence of Bitcoin is that it enables small, casual transactions peer-to-peer for the first time in the history of mankind, without the need for a trusted third party,” said Wright.

However, the increasing integration of Bitcoin into traditional finance has seen the narrative shift, according to Wright.

“Bitcoin is now distorted and manipulated. It is centralized and cannot facilitate simple transactions without the involvement of intermediaries,” he said.

In this context, Wright sees Saylor's plan as fundamentally at odds with Bitcoin's core principles.

“Michael Saylor's intentions are not focused on enhancing Bitcoin, but on positioning himself as the primary middleman in the crypto space, seeking to profit at the expense of other participants,” said Wright.

“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,” he added.

What Is Saylor's Bitcoin Bank?

Michael Saylor envisions MicroStrategy transforming into a proposed Bitcoin bank, designed to operate by acquiring more Bitcoins through various financial instruments, including equities, convertibles, and fixed-income markets.

This approach aims to give MicroStrategy's investors exposure to Bitcoin's price movements through MicroStrategy. It is a result of the company's strategy to fully embrace Bitcoin, with Saylor now saying the endgame is to grow to become a trillion-dollar company that would give investors access to Bitcoin's price.

Since 2020, Saylor and MicroStrategy have amassed an impressive reserve of over 252,220 Bitcoins, which is currently valued at approximately $15.7 billion. Notably, a significant portion of these Bitcoin purchases was financed through the issuance of around $4 billion in debt,

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