Tech

Michael Saylor Calls Sam Bankman-Fried Crypto’s ‘Wolf of Wall Street’


Microstrategy founder and Bitcoin advocate, Michael Saylor, has weighed in on FTX founder and former billionaire Sam Bankman-Fried (SBF). “I think this[crypto]incident will accelerate legal action,” Saylor said in an interview. “I mean, in a way, SBF is like the Jordan Belfort of the crypto age. Instead of The Wolf of Wall Street, they’re going to make a movie called The King of Crypto.” Belfort was convicted of stock market manipulation in 1999 and he ended up serving 22 months in prison.

Talk to Yahoo Finance, Saylor declare that Sam Bankman-Fried was “using stolen money” and cooperating with corruption regulators to keep his business afloat. Market turbulence and volatility will suit Bitcoin Saylor said and a “few” of other coins as it would wipe out thousands of meaningless cryptocurrencies.

Saylor also made the point that most crypto projects are unregistered securities backed by nothing. On top of that, they are being traded on unregulated exchanges, most of which are being operated overseas. He also believes that proof-of-stake tokens are backed by nothing and carry similar risks. It is worth noting that Ethereum has transitioned to a PoS mechanism this year.

by MicroStrategy The CEO believes that this incident is an eye-opener and an educational moment for the crypto community.

“This is simply a very expensive lesson for the crypto ecosystem and (about) the difference between crypto and Bitcoin. This will be really helpful for Bitcoin as it is a time of education and everyone. who are realizing the benefits of buying crypto assets backed by the world’s most powerful computer network,” Saylor said.

Speaking of Bitcoins, Michael Saylor mentioned that the asset is currently moving into strong hands and there is strong institutional and investor interest in the asset.

Saylor is an ardent supporter of the crypto industry and has been very vocal about her support for Bitcoin. He also took to Twitter to address the issue FTX problem and said that the crypto industry will succeed when registered digital assets are traded on registered digital exchanges.


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