He is long espoused by Bitcoin maximalists as an esteemed advocate for Bitcoin. For the last half decade, he because a spokesperson "for Bitcoin", talking about all it would do.
Initially, he was touting the maxi line that Bitcoin would become everything money. Recently, as it became evident that it was failed as a medium of exchange, he moved off that stance. Lately, he is beating the store of value drum.
There is a problem.
Saylor is not a freedom fighter. Nor is he an advocate for Bitcoin. He is a Wall Street guy. In other words, the crypto community, once again, allowed itself to be duped. It is amazing the savior complex that many have.
Not surprisingly, things are starting to emerge as to what Saylor is truly about.
Michael Saylor: A Wolf In Sheep's Clothing
The long time crypto mantra is simple: not your keys, not your crypto.
This is cryptocurrency 101. Anyone who is around this industry for more than a few weeks has heard of this. That is what makes crypto different from the existing financial system.
Or so we thought.
According to Saylor, this is nothing more than the rantings of "paranoid crypto anarchists". Wow. It seems the savior has turned on his flock.
Microstrategy’s Chairman and unequivocal Bitcoin permabull said in an Oct. 20 interview that bitcoiners don’t need to hold their own private keys, and should trust governments and financial institutions as those authorities would never confiscate Bitcoin held on centralized exchanges.
To me, Saylor's stance on the potential price of Bitcoin really has no relevance to the discussion. Actually, it isn't surprising since he is part of the hijacking of Bitcoin. His firm if a HODLer, meaning the old adage of "fixed money always pools" is coming true once again. Of course, he is being dwarfed by the likes of Blackrock.
As for his comments, it is absurd. He points out a FDR style confiscation as the basis for why people should trust the government and financial institutions. While he might be correct in there would be no U.S. government order confiscating Bitcoin, that doesn't mean it or financial institutions should be trusted.
In fact, we do not have to scan too far in the daily headlines to find some financial institutions that basically stole from people. The headlines are littered with the antics of firms such as Wells Fargo.
And now Saylor says that people should trust them.
Of course, this is causing a great deal of outrage within the Bitcoin community. Not surprising although they have nobody to blame but themselves.
Saylor pushed the envelop further:
Saylor, in what was considered high treason among the Bitcoin maximalist community, went on to imply most entrepreneurs in the Bitcoin economy are solely after consumers’ money and will use any “inflammatory meme or trope” to sell hardware wallets or other products.
Actually, on this one, Saylor is correct. This is true of the majority of crypto. Most "builders" are just looking to scalp money, either through pumps or fraud.
Bitcoin Jesus
Ever since the early days, Bitcoiners seemed to be enamored with getting a spokesperson. For years, it was Bitcoin Jesus, Roger Ver, until he forked out of BTC into Bitcoin Cash.
Let us not forget the showman, John McAfee. With him, at least he was a character and he did have an understanding about cybersecurity. He ultimately went down living as he saw fit, for whatever that is worth.
Saylor, though, might take the cake. His true colors are showing through now. Of course, should anyone be surprised? Microstrategy is a publicly traded company, i.e. Wall Street. He is a CEO who operates under the SEC's watchful eye. Much of his Bitcoin acquisition was through the use of debt, which was acquired through the traditional capital markets. The company started as data analytics company, the future was bet on Bitcoin.
And now Saylor wants everyone to trust centralized exchanges that are regulated by the government.
I really do not know what it is but the reality is that Bitcoin doesn't need an advocate. There is no face for a reason. It seems like people need someone to stand is as Big Brother. Why is this the case? Perhaps because the true desire of most is simply green candles.
We saw this in 2017 when people were calling for Wall Street to enter. People, at that time, actually wanted these firms to step in and buy crypto. Once again, only after green candles.
Well, that is the situation now and, while it will likely send prices higher, Bitcoin is done with regards to any of the original values. The fact that someone like Saylor became the poster child for it shows how these people will grasp at anything.
I would not be surprised to see them applaud Larry Fink. What is next? Giving Jamie Dimon a standing ovation?
It makes one wonder if the people in the industry will ever learn.
Saylor is likely going to be right about his price forecasts, especially since he can help drive it. However, he has none of the values that many within the industry espouse.
It is also unlikely that he ever did.