Michael Saylor Receives Backlash for His Comment on Sam Bankman-Fried

Michael Saylor, co-founder of MicroStrategy has come under intense criticism from the larger crypto community following his statement in support of the former CEO of now-bankrupt FTX.

According to Michael Saylor in a recent tweet post, Sam Bankman-Fried (SBF), who has been the focus of intense legal and regulatory scrutiny since after the collapse of FTX “created a million Bitcoin maximalists”.

These comments sparked reactions from the crypto community which is already dealing with the losses following the sudden collapse of FTX.

As the contagion following the collapse continues to spread, venture capital firm, Multicoin Capital has predicted that many crypto firms will suffer due to their level of exposure to the collapse FTX ecosystem. 

Since the collapse of FTX, many crypto enthusiasts have shared their opinions on the actions taken by SBF. Individuals like senator Elizabeth Warren and former Kraken CEO Jesse Powell are already advocating for the hardest possible regulatory consequences for the former CEO.

FTX filed for bankruptcy protection after rival platform Binance pulled out from its planned acquisition of the troubled platform. SBF has since resigned from his role as CEO and is replaced with John RAY III, an insolvency expert.

Michael Saylor continues to remain bullish

Saylor, who is a vocal Bitcoin evangelist, is known in the industry for his bullish support of the king coin. It is no wonder, his business intelligence firm Microstrategy is the largest institutional holder of Bitcoin (BTC).

In its most recent acquisition, MicroStrategy acquired 301 BTC at an average price of $19,851 back in September bringing its total holdings to 130,000 units. The firm had earlier planned to acquire additional bitcoins after it agreed with Cowen & Co. and BTIG, both of which are investment banks focused on crypto-related stocks to sell $500 million worth of its stocks.

Michael now oversees the company’s BTC purchase plan and its long-term corporate strategy as the Executive Chairman of the board of directors after he stepped down from his role as CEO back in August 2022. Phong Le, the president of the company, now serves as the new CEO.

Meanwhile, the District of Columbia’s attorney general sued both Micheal Saylor and Microstrategy for tax evasion.