Ripple CEO Brad Garlinghouse said Strategy Inc.’s (NASDAQ:MSTR) Bitcoin (CRYPTO: BTC)-buying model has added pressure to the broader crypto market, arguing that long-term value in digital assets will come from utility rather than financial engineering.
Bullish On Bitcoin
In a CNBC interview on June 27, Garlinghouse said Strategy’s first Bitcoin sale in a while "definitely started something."
Its leveraged structure amplified excitement on the way up and is now compounding weakness on the way down, Garlinghouse concluded.
He pointed to Strategy’s preferred stock STRC (NASDAQ:STRC) trading roughly 25% below par as a "damning indictment," saying the situation has not helped market sentiment.
