Ripple CEO "Crypto Bear Market All Because of Michael Saylor"

▲ XRP, Bitcoin (BTC), Cryptocurrency Bear Market / AI Generated Image

Brad Garlinghouse, CEO of Ripple, blamed Michael Saylor's Strategy (MSTR) for the cryptocurrency market downturn.

According to crypto media outlet Coingape on June 30 (local time), Garlinghouse publicly criticized Saylor's Strategy's Bitcoin (BTC) acquisition strategy via X (formerly Twitter). He stated, “Creating long-term value is about real utility, not financial engineering.”

In a CNBC Squawk on the Street interview, Garlinghouse directly targeted Saylor's Bitcoin financing methods. He said, “I think Michael Saylor's team hasn't focused on the right parts, and that has hurt the entire market.”

Garlinghouse stated that he remains optimistic about Bitcoin but pointed out that Strategy's aggressive accumulation of Bitcoin, utilizing preferred stock issuance and various financial instruments, has a leveraged nature. He said, “It added excitement in a bull market, and its impact is growing larger in a bear market.”

Coingape reported that Garlinghouse's remarks came as Bitcoin fell below $60,000 and XRP faced downward pressure towards $1. Based on on-chain data, XRP's next support levels were presented as $0.8, $0.62, and $0.51 by trading volume.

Strategy announced a Bitcoin monetization program to fund USD reserves, STRC dividends, and MSTR stock repurchases. Following this announcement, MSTR's stock price rebounded 12.6% on Monday. Coingape reported that as market participants watch for signs of stabilization, Ripple is focusing on building real utility to expand adoption in the next bull market.

* Related Article: Ripple CEO Criticizes Strategy (MSTR)-Style Bitcoin (BTC) Buying... Even Bullish Investors 'Turn Away'

[Article Key Summary]

- Ripple CEO Brad Garlinghouse criticized Strategy's Bitcoin acquisition strategy, stating that it increased market volatility and burdened the overall market.

- He emphasized that the key to creating long-term value is real utility, not financial engineering.

- Amid downward pressure on Bitcoin and XRP, Strategy's Bitcoin monetization program and MSTR's rebound emerged as market issues.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*