• Michael Saylor, CEO of Microstrategy and a major Bitcoin enthusiast, recently commented on the state of the crypto industry during the year-long crypto winter.
• He praised Silvergate for being responsible during this time, despite many other crypto companies collapsing due to harsh conditions.
• The Justice Department has allegedly started probing Silvergate over its handling of accounts for Sam Bankman-Fried and his firms.
Crypto Winter: Michael Saylor Praises Silvergate
Michael Saylor, the founder of Microstrategy and a major Bitcoin enthusiast, recently commented on the state of the crypto industry and certain companies‘ performance during the year-long crypto winter. This was a period that was not only tough on investors but also on many of the crypto institutions. A number of them ended up collapsing due to the harsh conditions and filing for bankruptcy. However, according to Saylor, one of the more responsible companies during this time was Silvergate, which managed to persist even when FTX, one of the world’s largest and most popular exchanges, went down. He said that he would continue doing business with the crypto-friendly bank.
Justice Department Investigates Silvergate
The Justice Department has allegedly started probing Silvergate over its handling of accounts for Sam Bankman-Fried and his firms following FTX’s collapse and its controversial moves becoming public knowledge. The fraud probe is seeking potential criminal behavior and any traces of potential wrongdoing in allowing FTX’s deposits – especially user funds – which SBF and other company executives gambled away in investments. The probe is looking whether any such funds were deposited into Alameda Research — FTX’s sister trading company, which was also involved in illicit activities.
Western Elite Ignorant About Crypto
Saylor also noted how Western elites have been largely ignorant about cryptocurrencies until recently when they began taking notice after seeing how it can be used as an investment asset class by large corporations like Tesla or Square Inc., who had recently made massive investments into Bitcoin (BTC). He said that now there is much more awareness about digital assets among those circles than before – something that will hopefully bring about more adoption from mainstream financial institutions in future years.
Microstrategy Will Continue To Work With Silvergate
Despite rumors surrounding a possible investigation by DOJ into Silvergate’s dealings with SBF’s firm(s), Michael Saylor stated that his company would continue to collaborate with them regardless due to their responsible behaviour throughout this “crypto winter” period – noting once again how they had kept their operations going even when other institutions weren’t able to do so amid market uncertainty caused by regulatory pressures as well as volatility within these markets themselves.
Overall it appears that Microstrategy is still willing to work with Silvergate despite whatever issues may arise from ongoing investigations against them – likely in part because they are seen as having been relatively responsible throughout this period where other institutions have collapsed due to harsh economic conditions within this space itself