Michael Saylor Bitcoin strategy is a ‘betrayal’ of core crypto principles: Craig Wright

Craig Wright, the contentious figure who claims to be Bitcoin’s creator, has sharply criticized Michael Saylor, co-founder of MicroStrategy, following Saylor’s announcement to transform the company into a merchant bank focused on Bitcoin. In a post on X on October 12, Wright condemned Saylor’s plans, asserting that Bitcoin has been “distorted, manipulated, and centralized,” rendering it incapable of facilitating straightforward transactions without intermediaries.

Wright specifically targeted Saylor for proposing a “Bitcoin bank,” which he argues undermines the foundational purpose of Bitcoin, which was designed to eliminate such obstacles. Saylor has previously referred to MicroStrategy as “a Bitcoin finance company,” expressing ambitions to build up to $150 billion in Bitcoin holdings, solidifying its position as the largest corporate Bitcoin holder in the world.

Wright remarked, “This is not innovation. This is the betrayal of the principles Bitcoin was built upon,” emphasizing his disapproval of Saylor’s direction for the company. His comments reflect ongoing tensions within the cryptocurrency community regarding the future and philosophy of Bitcoin.

Saylor vs. Wright

Wright’s criticism of Saylor comes amid Saylor’s efforts to position MicroStrategy as a major player in the Bitcoin space, advocating for BTC as “digital gold.” Wright argues that Saylor’s approach undermines Bitcoin’s original intent, stating, “To call BTC ‘Bitcoin’ while simultaneously profiting from the very middleman role that true Bitcoin rejects is the height of deception.” He contends that Saylor’s actions reflect a misrepresentation of Bitcoin’s purpose, as Saylor seeks to build his empire on this foundation.

This critique highlights a broader debate within the cryptocurrency community about the true vision for Bitcoin. While many view Saylor as instrumental in attracting institutional interest in BTC, Wright and others argue that BTC has deviated from its foundational goals, particularly regarding scalability and transaction fees.

Wright’s remarks are likely to reignite discussions among various factions in the Bitcoin community, especially between proponents of BTC and those who support Bitcoin SV, which emerged from a hard fork of Bitcoin Cash in November 2018.

Saylor has been a strong advocate for Bitcoin as a long-term investment, amassing billions in BTC through MicroStrategy and positioning it as a hedge against inflation and a store of value, akin to gold. In contrast, Wright maintains that Bitcoin was never intended to serve merely as a store of wealth, emphasizing a vision for its use that aligns more closely with its original ideals.

Satoshi claims

Craig Wright is no stranger to controversy, particularly due to his persistent claim that he is Satoshi Nakamoto, the pseudonymous creator of Bitcoin. This assertion has sparked significant skepticism and debate within the broader cryptocurrency community. Wright’s claims have often been met with resistance, and many in the community remain unconvinced by his arguments.

Recently, an HBO documentary exploring the identity of Satoshi Nakamoto introduced the possibility that Bitcoin developer Peter Todd could be the cryptocurrency’s creator. However, Todd has since refuted this speculation, publicly denying on X that he is Satoshi.

This ongoing debate about Satoshi’s identity continues to fuel discussions and divisions within the crypto space, with Wright’s claims and the search for Satoshi remaining hotly contested topics among enthusiasts and experts alike.