TLDR Tech / Crypto
Ripple CEO says Michael Saylor has hurt the crypto market
Ripple CEO Brad Garlinghouse called Strategy's STRC preferred stock — trading roughly 25% below its $100 par value despite carrying an 11.5% annual dividend — a "damning indictment" of Michael Saylor's approach, arguing the financial engineering has broadly hurt the crypto market. Garlinghouse said he remains bullish on bitcoin as an asset but drew a hard line between the asset and the strategy of leveraging up to accumulate it, saying long-term value comes from utility, not capital structure plays.
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