🌎 Wright Accuses Saylor of Betraying Bitcoin’s True Principles

Craig Wright, the controversial figure who claims to be Bitcoin’s creator, has criticized Michael Saylor, co-founder of MicroStrategy, accusing him of distorting the true essence of Bitcoin. Wright’s condemnation follows Saylor’s announcement of turning MicroStrategy into a merchant bank for Bitcoin.

Wright’s Critique of Saylor

In a critique posted on social media on Oct. 12, Wright argued that Bitcoin has been “distorted, manipulated, and centralized,” making it incapable of facilitating simple transactions without intermediaries. Wright specifically targeted Saylor for “building a so-called ‘Bitcoin bank’ that serves as the very obstacle Bitcoin was designed to eliminate.”

Saylor recently informed Bernstein analysts that MicroStrategy aims to become a Bitcoin finance company with a goal of amassing $150 billion in Bitcoin holdings. The Tysons Corner, Virginia-based company is the largest corporate Bitcoin holder globally.

“This is not innovation,” Wright said. “This is the betrayal of the principles Bitcoin was built upon.”

Wright further stated that Saylor misrepresents Bitcoin by claiming BTC is Bitcoin while profiting from a middleman role. He emphasized that Bitcoin was designed for small, casual transactions, not as a store of wealth.

Saylor vs. Wright

Wright’s criticism comes as Saylor positions MicroStrategy as a major BTC holder and an advocate for Bitcoin as “digital gold.” Wright argues that Saylor’s strategy distorts Bitcoin’s original purpose. He asserts:

“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.”

This critique reflects a broader debate within the cryptocurrency community about Bitcoin’s true vision. While Saylor is seen by many as a key figure in bringing institutional attention to BTC, Wright and others claim that BTC has strayed from Bitcoin’s original goals, particularly regarding scalability and transaction fees.

Wright’s condemnation is likely to ignite further discussions, as the rift between different factions of the Bitcoin community—particularly BTC and Bitcoin SV proponents—continues to deepen.

Bitcoin SV and the Debate

Bitcoin SV is a cryptocurrency that originated from a hard fork of Bitcoin Cash in November 2018. Saylor has been an outspoken advocate for Bitcoin as a long-term investment, purchasing billions of dollars worth of BTC through MicroStrategy. He views Bitcoin as a hedge against inflation and a store of value, similar to gold.

Wright, however, insists that Bitcoin was not meant to be a store of wealth.

Wright’s Controversial Claims

Wright’s claim that he is Satoshi Nakamoto, Bitcoin’s pseudonymous creator, remains a point of contention within the cryptocurrency community. A new documentary from HBO on Satoshi Nakamoto raised the possibility of Bitcoin developer Peter Todd as the cryptocurrency’s creator, which Todd denied on social media.