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

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

Ripple CEO Brad Garlinghouse has laid the blame for the cryptocurrency market's downturn squarely on Michael Saylor's Strategy (MSTR).

According to crypto media outlet Coingape on June 30 (local time), Garlinghouse publicly criticized Saylor's Strategy-driven Bitcoin (BTC) acquisition strategy via X (formerly Twitter). He stated, "It's real-world utility, not financial engineering, that creates long-term value."

In an interview on CNBC's Squawk on the Street, Garlinghouse directly targeted the Bitcoin financing methods under Saylor's regime. He said, "I think Michael Saylor's team hasn't focused on the right things, and that has hurt the entire market."

While Garlinghouse stated that he remains optimistic about Bitcoin, he pointed out that Strategy's aggressive accumulation of Bitcoin through preferred stock issuance and various financial instruments has a leveraged nature. He commented, "It added to the excitement in the bull market, and in the bear market, its impact is becoming greater."

Coingape reported that Garlinghouse's remarks came as Bitcoin dropped below $60,000 and XRP faced downward pressure towards $1. Based on on-chain data, XRP's next support levels were identified 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 by 12.6% on Monday. Coingape reported that as market participants watch for signs of stabilization, Ripple is focusing on building real-world utility to expand adoption in the next bull market.

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

[Article Key Summary]

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

- He emphasized that the key to creating long-term value is real-world 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 any investment losses based on it. The content should be interpreted for informational purposes only.*