Bitcoin Cash

Bitcoin SV

Satoshi Nakamoto

Peter Todd

Bitcoin

<p class="is-style-lead">Craig Wright, the controversial figure who claims to be Bitcoin’s creator, lashed out at Michael Saylor, co-founder of MicroStrategy, accusing him of distorting the true essence of Bitcoin.</p>
<p>Wright’s condemnation comes on the heels of Saylor’s announcing that he wants to turn MicroStrategy into a merchant bank for Bitcoin (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/bitcoin/">BTC</a>).</p>
<p>In a blistering critique, posted to X on Oct. 12, Wright said Bitcoin “has been distorted, manipulated, and centralized—now incapable of facilitating simple transactions without the intervention of intermediaries.”</p>
<p>Wright directed his ire at Saylor specifically for “building a so-called ‘Bitcoin bank’ to serve as the very obstacle that Bitcoin was designed to eliminate.”</p>
<p>Saylor recently <a href="https://www.theblock.co/post/320655/microstrategy-trillion-dollar-valuation-bitcoin-bank-michael-saylor-bernstein?utm_source=rss&amp;utm_medium=rss" target="_blank" rel="noopener noreferrer nofollow">told</a> Bernstein analysts that MicroStrategy is “a Bitcoin finance company” and that the goal is to amass $150 billion In Bitcoin holdings. The Tysons Corner, Virginia-based company is the largest corporate Bitcoin holder globally.</p>
<p>“This is not innovation,” Wright said. “This is the betrayal of the principles Bitcoin was built upon.” See the full statement below.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">This is a textbook case of misrepresentation and passing off. Michael Saylor stands before the world, falsely proclaiming that BTC is Bitcoin, when the truth is laid bare for anyone who bothers to look. <br><br>Bitcoin, as designed, is meant for small, casual transactions,… <a rel="noopener noreferrer nofollow" href="https://t.co/MDAFHr1PwI" target="_blank">https://t.co/MDAFHr1PwI</a></p>— S Tominaga (@CsTominaga) <a href="https://twitter.com/CsTominaga/status/1844976038062997787?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 12, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<h3 class="wp-block-heading" id="saylor-vs-wright">Saylor vs. Wright</h3>
<p>Wright’s criticism comes at a time when Saylor is positioning MicroStrategy as a major BTC holder and an advocate for Bitcoin as “digital gold.”</p>
<p>Wright, however, suggests that Saylor’s strategy distorts Bitcoin’s original purpose. He continues:</p>
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 <p><em>“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.”</em></p>
</blockquote>
<p>This critique 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 bringing institutional attention to BTC, Wright and others claim that BTC has strayed from Bitcoin’s original goals, particularly regarding scalability and transaction fees.</p>
<p>Wright’s condemnation is sure to ignite further discussions, as the rift between different factions of the Bitcoin community—particularly BTC and <a rel="noopener noreferrer nofollow" href="https://crypto.news/tag/bitcoin-sv/">Bitcoin SV</a> proponents—continues to deepen.</p>
<p>Bitcoin SV is a cryptocurrency that originated from a hard fork of Bitcoin Cash (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/bitcoin-cash/">BCH</a>) in November 2018.</p>
<p>Saylor has been an outspoken advocate for Bitcoin as a long-term investment, buying billions of dollars worth of BTC through MicroStrategy. He views Bitcoin as a hedge against inflation and a store of value, similar to gold.</p>
<p>Wright, on the other hand, insists that Bitcoin was not meant to be a store of wealth.</p>
<h3 class="wp-block-heading" id="satoshi-claims">Satoshi claims</h3>
<p>Wright isn’t without controversy in his own right. His claim that he is Satoshi Nakamoto, Bitcoin’s pseudonymous creator, remains a point of contention and skepticism within the wider cryptocurrency community.</p>
<p>A new documentary from HBO on Satoshi Nakamoto seemingly raised the possibility of Bitcoin developer Peter Todd as the cryptocurrency’s creator.</p>
<p>Todd denied that he’s Satoshi on X.com.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">I'm not Satoshi.</p>— Peter Todd (@peterktodd) <a href="https://twitter.com/peterktodd/status/1843789750983110697?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 8, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/mrbeast-promotes-low-cap-tokens-10m-crypto-watchdog/"> YouTuber MrBeast earned over $10m promoting low-cap tokens, on-chain crypto investigator says </a></p>

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

Table of Contents

crypto.news

Other articles published on Oct 12, 2024

Crypto Power Shift: Experts Claim CYBRO Could Outrun Polkadot and Cardano With 10000% Gains Befor...

Dogecoin Gains Momentum with 110,000 Traders; Can DOGE Breach the $0.108 Resistance Level?

Eighteen Individuals and Entities Charged in Massive Fraud and Crypto Market Manipulation

Michaël van de Poppe Predicts SUI and Bitcoin’s Price Movements

Why Wait for Another SHIB or DOGE Surge? This Token Under 50 Cents Is Your Best Bet

BTC price eyes sub-$65K hurdles as metric hints Bitcoin 'going to rip'

Join our free newsletter for daily crypto updates!