Controversial figure Craig Wright, who claims to be the creator of Bitcoin, has fiercely criticized Michael Saylor, co-founder of MicroStrategy, accusing him of misrepresenting Bitcoin’s fundamental principles.
This backlash from Wright comes as Saylor has revealed his intention to transform MicroStrategy into a merchant bank catering to Bitcoin (BTC).
In a pointed statement shared on social media, Wright expressed that Bitcoin “has been distorted, manipulated, and centralized—now incapable of facilitating simple transactions without the intervention of intermediaries.”
Wright specifically condemned Saylor for “creating a so-called ‘Bitcoin bank,’ which acts as the very barrier that Bitcoin was intended to overcome.”
Recently, Saylor articulated to analysts that MicroStrategy is evolving into “a Bitcoin finance company” with the ambition of accumulating $150 billion in Bitcoin holdings. The Virginia-based firm currently holds the largest corporate amount of Bitcoin worldwide.
“This is not innovation,” Wright asserted. “This represents a betrayal of the core principles that Bitcoin was founded upon.”
Saylor vs. Wright
Wright’s critique arrives as Saylor positions MicroStrategy as a significant supporter of Bitcoin, championing it as “digital gold.” However, Wright argues that Saylor’s strategy undermines Bitcoin’s original objectives.
“Referring to BTC as ‘Bitcoin’ while simultaneously profiting from the intermediary role that true Bitcoin opposes is the epitome of deception, and it is through this misrepresentation that Saylor aims to build his empire.”
This clash highlights an ongoing debate within the cryptocurrency space regarding the true vision for Bitcoin. While many view Saylor as pivotal in attracting institutional investment into BTC, Wright and others contend that BTC has veered away from Bitcoin’s initial goals, particularly those related to scalability and transaction affordability.
Wright’s strong critique is likely to fuel further discussions, as divisions within the Bitcoin community—especially between BTC and Bitcoin SV supporters—become more pronounced.
Bitcoin SV is a cryptocurrency that emerged from a hard fork of Bitcoin Cash (BCH) in November 2018.
Saylor has consistently advocated for Bitcoin as a long-term investment, utilizing MicroStrategy to acquire billions of dollars in BTC, viewing it as a safeguard against inflation and a reliable store of value, akin to gold.
Contrarily, Wright maintains that Bitcoin was never designed to function as a wealth storage solution.
Satoshi Claims
Wright himself has sparked controversy with his assertion of being Satoshi Nakamoto, the enigmatic creator of Bitcoin, which continues to stir debate and skepticism within the cryptocurrency community.
A recent documentary has even suggested the possibility of another Bitcoin developer as the true identity behind Satoshi Nakamoto, adding another layer of intrigue to the ongoing discussions.
