Craig Wright Accuses Michael Saylor of Betraying Bitcoin’s Core Principles

Craig Wright, the self-proclaimed creator of Bitcoin, launched a scathing attack on Michael Saylor, co-founder of MicroStrategy, accusing him of betraying Bitcoin’s foundational principles. Wright’s critique followed Saylor’s announcement of plans to transform MicroStrategy into a merchant bank for Bitcoin, a move Wright believes distorts the cryptocurrency’s true purpose.

In an Oct. 12 post on X, Wright expressed his dissatisfaction, arguing that Bitcoin has become centralized and manipulated, deviating from its decentralized origins. He singled out Saylor for building what he described as a “Bitcoin bank”—an intermediary structure that Bitcoin was explicitly designed to eliminate.

Saylor recently disclosed to analysts that MicroStrategy, already the largest corporate holder of Bitcoin, aims to amass $150 billion in BTC. His vision positions the company as a major player in Bitcoin finance, portraying BTC as a long-term store of value akin to digital gold. However, Wright rebuked this approach, labeling it a misrepresentation of Bitcoin’s original mission.

“This is not innovation,” Wright declared. “It is the betrayal of the principles Bitcoin was built upon.” He further criticized Saylor for profiting from Bitcoin’s intermediary roles, contradicting the decentralized ethos that Bitcoin was supposed to embody.

Wright’s condemnation highlights a broader debate within the crypto community, where factions argue over Bitcoin’s true purpose. While Saylor has been instrumental in drawing institutional interest to BTC, Wright and others assert that BTC has strayed from its roots, particularly in terms of scalability and transaction fees.

The rift between Bitcoin advocates like Saylor and Bitcoin SV proponents, a hard fork initiated in 2018, continues to grow. Saylor’s approach treats Bitcoin as a hedge against inflation and a secure store of value, while Wright insists that Bitcoin was never intended as a mere store of wealth.

Wright’s own claims of being Bitcoin’s creator, Satoshi Nakamoto, remain contentious, with many in the cryptocurrency world skeptical of his assertions. Recently, a documentary from HBO stirred speculation about other potential candidates for the identity of Satoshi, with Bitcoin developer Peter Todd being mentioned—though Todd has denied the claim.

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