Add ZyCrypto News On Google
In a hard-hitting criticism of Michael Saylor’s aggressive Bitcoin purchasing, Ripple CEO Brad Garlinghouse has challenged the approach adopted by the CEO of Strategy. In a recent tweet in which he called Saylor’s strategy “financial engineering”, the top Ripple executive stated that an artificial buying process won’t help the crypto market in the long-term and has instead contributed to rising volatility.
Bitcoin is currently trading around the $58k valuation at press time after slipping below the previously dependable $60k price support. The largest cryptocurrency by market capitalization is under pressure from the bears, and we may face an even deeper price drop if the bulls don’t regain their composure soon enough. All of this is happening despite major multibillion-dollar buys by Saylor in the last few months that ought to have reinvigorated the bullish case. However, that wasn’t the case at all, as Garlinghouse joins a chorus of crypto leaders in a call for Saylor to press the brake for now.
Garlinghouse tweeted:
Garlinghouse shared a tweet from Squawk on the Street, a popular CNBC financial news show that hosted him yesterday. He stated that Saylor wasn’t focused on the right things, which harmed the overall crypto market. He was referring to Strategy’s leveraged preferred-stock financing model for purchasing Bitcoin. In his opinion, it amplified market swings rather than fostering sustainable growth for the future.
Strategy Under Pressure to Sell a Chunk of its BTC Stash?
Saylor is also reportedly under pressure from the financial situation and the liabilities associated with his massive stock offerings, which are now well in excess of $1 billion.
 
He tweeted earlier yesterday:
The tweet is a complete flip-flop from his aggressive, maximalist position that he won’t ever sell the company’s stash under any circumstances. Naturally, crypto users on X had a field day, mocking Saylor and calling him out for this inconsistency, putting the entire crypto economy under pressure because of his reckless actions.
Twitterati Call Out Ripple CEO
However, Brad Garlinghouse also faced a lot of criticism from crypto users for his scathing attack on Saylor. They reminded him that the XRP token is an ineffective payment bridge that they believe never really took off and has hit a dead end, just like all major altcoins.
XRP remains one of the most interesting yet the most controversial digital tokens in existence. The heavily centralized cryptocurrency is trading at a fraction of its price just a year or so ago and is trending downward in the long term.