Wu Blockchain (@WuBlockchain): Ripple CEO: Michael Saylor's Bitcoin Strategy Has Hurt Crypto Market

Ripple CEO: Michael Saylor's Bitcoin Strategy Has Hurt Crypto Market Ripple CEO Brad Garlinghouse criticized Strategy Chairman Michael Saylor's approach of using financial engineering to fund continued bitcoin purchases, saying long-term digital asset value should be driven by utility instead. He pointed to Strategy's STRC preferred shares trading about 25% below their $100 par value as evidence of a flawed strategy. STRC carries an 11.5% annual cumulative dividend and has been used by Strategy to raise capital for additional bitcoin purchases. Garlinghouse said the approach has hurt the broader crypto market, while adding that he remains bullish on bitcoin.