Charlie Munger hates bitcoin. He’s made that clear from the get-go. By contrast, Michael Saylor – the former CEO of MicroStrategy – loves bitcoin. Recently, the latter gave his thoughts on the former, and stated that Munger needs to spend more time with BTC so he can understand what it’s all about.
Michael Saylor on Charlie Munger: He’s Not 100% Off
Not long ago, Munger published an op-ed in the Wall Street Journal claiming that no form of crypto could qualify as a currency, a commodity, or a security. The article said:
Instead, it’s a gambling contract with a nearly 100 percent edge for the house.
In retrospect, Saylor doesn’t think Munger is totally off in his criticism, claiming:
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, 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.
He said that if Munger was a leader of an African or South American country, he likely would be spending a lot more time learning about bitcoin and studying its properties. From there, it’s likely he would be even more bullish on bitcoin than Saylor is. He commented:
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.
Not long ago, Saylor gave his thoughts on the collapse of the now defunct exchange FTX, and said that while the situation was long and arduous, it’s going to help the crypto arena in the long run. He said:
The crypto meltdown was painful in the short term, but it’s necessary over the long term for the industry to grow up… This industry has some good ideas like digital currencies and assets moving at the speed of light that are unstoppable and a digital commodity that can’t be debased. It also has a lot of entrepreneurs that implemented those good ideas in an irresponsible fashion.
Keeping the Faith
Also, even though his company has suffered greatly at the hands of bitcoin and its falling price, it appears Saylor will never lose confidence in the asset, as he also stated that BTC was the only major safe haven out there for investors and traders. He stated:
The only real ‘safe haven’ for an institutional investor is bitcoin. Bitcoin is the only universally acknowledged digital commodity, so if you’re an investor, bitcoin is your ‘safe haven’ in this regard.
At the time of writing, bitcoin has fallen from its recent $23K and is now in the mid-$22K range.
