Bitcoin strategy is a ‘betrayal’

Craig Wright, the controversial figure who claims to be the creator of Bitcoin, attacked MicroStrategy co-founder Michael Saylor and accused him of distorting the true essence of Bitcoin.

Wright’s condemnation comes on the heels of Saylor’s announcement that he wants to turn MicroStrategy into a merchant bank for Bitcoin (BTC).

In his scathing critique published on

Wright specifically directed his ire at Saylor for “building a so-called ‘Bitcoin bank’ that will serve as the very obstacle that Bitcoin was designed to eliminate.”

Saylor recently told Bernstein analysts that MicroStrategy is “a Bitcoin finance company” and that its goal is to acquire $150 billion in Bitcoin assets. The company, based in Tysons Corner, Virginia, is the largest institutional holder of Bitcoin in the world.

“This is not innovation,” Wright said. “This is a betrayal of the principles on which Bitcoin was built.” See the full statement below.

This is a textbook case of misrepresentation and evasion. While Michael Saylor stands before the world and falsely claims that BTC is Bitcoin, the truth becomes obvious to anyone who bothers to look.

Bitcoin, as designed, is geared towards small, ordinary transactions. https://t.co/MDAFHr1PwI

— S Tominaga (@CsTominaga) 12 October 2024

Saylor vs. Wright

Wright’s criticism comes as Saylor positions MicroStrategy as a major BTC holder and advocate for Bitcoin as “digital gold.”

But Wright argues that Saylor’s strategy distorts Bitcoin’s true purpose. It continues like this:

“Calling BTC as ‘Bitcoin’ and at the same time taking advantage of the intermediary role that the real Bitcoin denies is the height of deception, and Saylor is attempting to build his empire through this misrepresentation.”

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

As the divide between different segments of the Bitcoin community (especially BTC and Bitcoin SV supporters) continues to widen, Wright’s condemnation is sure to spark further debate.

Bitcoin SV is a cryptocurrency that resulted from the hard fork of Bitcoin Cash (BCH) in November 2018.

Saylor has been an outspoken advocate of Bitcoin as a long-term investment, purchasing billions of dollars worth of BTC through MicroStrategy. He sees Bitcoin as a hedge against inflation and a store of value similar to gold.

On the other hand, Wright insists that Bitcoin is not intended to be a store of wealth.

Satoshi’s claims

Wright is not without controversy in himself. His claim to be Satoshi Nakamoto, the pseudonymous creator of Bitcoin, remains a matter of debate and suspicion within the broader cryptocurrency community.

A new documentary from HBO about Satoshi Nakamoto has apparently raised the possibility that Bitcoin developer Peter Todd is the creator of the cryptocurrency.

Todd denied on X.com that he was Satoshi.