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Microstrategy founder and bitcoin enthusiast Michael Saylor said Silvergate was “responsible” amid the collapse of other crypto institutions including exchange FTX and said he would continue to do business with crypto-friendly banks.
The executive’s comments come as the Justice Department’s fraud unit reportedly began investigating Silvergate’s handling of accounts for the company of former FTX CEO Sam Bankman-Fried. The fraud investigation focused on potential criminal wrongdoing in allowing FTX deposits – including user funds – into accounts belonging to sister trading firm Alameda Research, Bloomberg News reported on Thursday, citing sources.
“We will continue to do business with Silvergate,” Saylor said on CNBC. “Incorrectly built institutions crumble — Alamedas, FTX, Voyagers, BlockFi of the world — but really, Silvergate is a responsible bank.”
Last year, Silvergate issued a $205 million term loan to MacroStrategy LLC, a subsidiary of MicroStrategy.
Saylor also defended cryptocurrencies after comments this week by Charlie Munger, co-chairman of Berkshire Hathaway, calling for a cryptocurrency ban in a Wall Street Journal op-ed.
“If he was a business leader in South America or Africa or Asia, and he spent 100 hours studying the problem, he would be even more bullish on bitcoin than I am,” Saylor said. “Western elite, they don’t have time to study it.”
© 2023 Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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