Founder of Microstrategy and Bitcoin (BTC) buff Michael Saylor said that Silvergate acted “responsibly” in the collapse of other crypto institutions, including cryptocurrency FTX, and will continue to do business with the crypto-friendly bank.
Saylor’s comments came as the US Department of Justice’s fraud unit began investigating Silvergate’s former FTX CEO Sam Bankman-Fried’s transactions involving accounts belonging to his companies.
The fraud investigation focuses on potential criminal errors in allowing FTX to deposit funds, including user funds, into accounts owned by sister trading firm Alameda Research, Bloomberg News reported Thursday, citing sources.
Saylor told CNBC about Silvergate:
“We will continue to do business with Silvergate. Inappropriately formed companies like Alameda, FTX, Voyager, BlockFi collapsed, but Silvergate acted responsibly.”
Last year, Silvergate provided a $205 million term loan to MacroStrategy LLC, a subsidiary of MicroStrategy.
Michael Saylor Responds to Munger Demanding Bitcoin Ban
Saylor also defended cryptocurrencies after Charlie Munger, vice president of Berkshire Hathaway, called for a ban on cryptocurrencies in an article published in the Wall Street Journal this week:
“If Munger were a business leader in South America, Africa or Asia and spent 100 hours studying this issue, he would be more enthusiastic about Bitcoin than I am. Western elites did not have time to study it.”
*Not investment advice.
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