Ripple CEO stays bullish on bitcoin but says Saylor’s strategy has hurt crypto
Ripple’s Brad Garlinghouse called Strategy’s preferred-stock funding model “financial engineering” that distracted the market, pointing to STRC’s slide to a record low as the evidence. He runs the company behind XRP, a bitcoin rival.
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Summary
- Ripple CEO Brad Garlinghouse said he remains bullish on bitcoin but argued that Michael Saylor’s preferred-share funding model for buying the token has hurt the broader crypto market.
- Garlinghouse criticized Strategy’s STRC preferred stock, which carries an 11.5% dividend and is designed to trade near $100, as a “damning indictment” of the strategy after it fell about 25% below par to a record low.
- The pressure on Strategy’s model has intensified as bitcoin slipped below $59,000.
