Controversial kickboxer Andrew Tate compared the business strategies employed by Michael Saylor of MicroStrategy and Sam Bankman-Fried, the CEO of the now-defunct FTX exchange.
What Happened: He referred to Saylor, the proponent of Bitcoin (CRYPTO: BTC) investments, as the epitome of responsible business practices.
“Michael Saylor is a good example of someone who runs a net-benefit business,” said Tate, placing Saylor in stark contrast to Bankman-Fried, whose operations he labeled as “a good example of someone who ran a 0-benefit business.”
Tate said Saylor and Bankman-Fried both “invested aggressively.” Yet, their paths diverged significantly, leading to drastically different personal and professional outcomes. “One is currently a legend, the other one is in jail.”
Bankman-Fried, has been convicted on seven counts of criminal fraud brought against him, as per a recent jury verdict.
Let me give you some business advice.Net-benefit businesses are 100x less effort to profit from and scale, than 0-benefit businesses.Investing is an example of a 0-benefit business.You make money at other people’s EXPENSE.Scamming people is as well.The problem with…
— Andrew Tate (@Cobratate) November 28, 2023
He explained Saylor and Bankman-Fried’s approaches as emblematic of two distinct business philosophies.
“The problem with 0-benefit businesses is that it takes money from unwilling participants. It requires constant and consistent effort to trick/outsmart the funds from someone. The beauty of net-benefit businesses is that the money is given willingly, happily and consistently,” Tate tweeted.
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Why It Matters: Earlier in September, Tate shared his anticipation over an upcoming decision from the Securities and Exchange Commission (SEC) related to the much-debated Bitcoin exchange-traded fund (ETF).
Tate said he expects the SEC’s potential approval of a Bitcoin ETF. The SEC’s approval of a Bitcoin ETF has been a hotly contested issue.
Among those in contention are established names such as the Grayscale Bitcoin Trust, the collaborative Ark/21 Shares Bitcoin Trust, the Bitwise Bitcoin ETF Trust, the BlackRock Bitcoin ETF Trust, and others, including the VanEck Bitcoin Trust,…
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