Charlie Munger Hasn’t Taken the Time to Study Bitcoin: MicroStrategy’s Michael Saylor
Charlie Munger and other elite Western business leaders are continually prodded for their opinion on bitcoin (BTC), but they haven’t had the time to study it, said MicroStrategy (MSTR) Executive Chairman Michael Saylor, appearing on CNBC one day after his company’s Q4 earnings results.
Saylor said he is “sympathetic” to Munger’s broad crypto criticisms, and he called out the thousands of non-bitcoin tokens as little more than avenues for “gambling.”
However, said Saylor, “If [Munger] were a business leader in South America, or Africa, or Asia, and he spent 100 hours studying the problem, he would be more bullish on bitcoin than I am.”
The “plight of the common man,” said Saylor, is better illustrated by recent events in Lebanon, Argentina, Sri Lanka, Nigeria and Venezuela – where local currencies have plunged in value.
Read more: Berkshire Hathaway’s Charlie Munger Calls for Crypto Ban in the US
Saylor’s appearance Friday morning came one day after his company booked a Q4 impairment charge of $197.6 million on its bitcoin holdings, which now total 132,500 bitcoins.
Already a bull on MicroStrategy, Canaccord Genuity upped its price target on the stock to $400 from $372 following the news. “We believe the company’s relatively conservative strategy of keeping most of its holdings unencumbered has been prudent,” wrote analyst Joseph Vafi and team. “Institutional investors are continuing to work on their Bitcoin and overall digital-asset strategies, in our view. As such, we expect to see continued mainstream adoption, which we believe bode well for the medium term and supports our view that BTC is biased higher over time.”
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
