Michael Saylor Calls Sam Bankman 1r6i1r Fried the 'The Wolf of Wall Street' of Crypto

The current market turmoil will benefit assets like Bitcoin, claims Michael Saylor. 1i5i3p

Written by Shomik Sen Bhattacharjee, Edited by Richa Sharma | Updated: 17 November 2022 19:54 IST

Michael Saylor Calls Sam Bankman-Fried the 'The Wolf of Wall Street' of Crypto

Michael Saylor also stole the opportunity to bash proof-of-stake tokens like Ether 3n3352

Highlights

In Michael Saylor's view, SBF "was using stolen money"
Michael Saylor is an avid er of the crypto industry
Michael Saylor believes most crypto projects are uned securities

ment

Microstrategy founder and Bitcoin er Michael Saylor has come down heavy on fallen FTX founder and former billionaire Sam Bankman-Fried (SBF). "I think this (crypto) crash expedites regulatory action," Saylor said in an interview. "I mean, in a way, SBF is like the Jordan Belfort of the crypto era. Instead of The Wolf of Wall Street, they're going to make a movie called The King of Crypto." Belfort was found guilty of stock market manipulation in 1999 for which he eventually spent 22 months in prison.

Speaking to Yahoo Finance, Saylor Bitcoin and a "handful" of other coins because it would wipe out thousands of pointless cryptocurrencies, said Saylor.

Saylor also brought forward the point that most of the crypto projects are uned securities backed by nothing. On top of that, they are being traded on unregulated exchanges, most of which are being operated offshores. He also believes that the proof-of-stake tokens are backed by nothing and possess a similar risk. It is worth highlighting that Ethereum transitioned to the PoS mechanism this year.

Gemini Recovers After Major Service Outage Strikes Panic Among s

MicroStrategy's CEO believes that this crash is an eye-opener and an educational moment for the crypto community.

"This is simply a very expensive lesson for the crypto ecosystem and (on) the difference between crypto and Bitcoin. This is going to be really helpful for Bitcoin because this is an educational moment, and people are realising the benefits of buying a crypto asset that's backed by the world's most powerful computing network," says Saylor.

Talking about Bitcoin, Michael Saylor mentioned that the asset is now moving into strong hands, and there is massive institutional and investor interest in the asset.

Cristiano Ronaldo's First NFTs to Drop on Binance on November 18

Saylor is an avid er of the crypto industry and has been very vocal about his for Bitcoin. He also took on Twitter to address the FTX crash and said that the crypto industry would succeed when it's about ed digital assets trading on ed digital exchanges.

Is the new expensive 10th generation iPad worth buying instead of its predecessor? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

links may be automatically generated - see our ethics statement for details.

Comments

For the latest reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.