"Financial engineering doesn't drive long-term value. Utility does."
Ripple CEO went on CNBC and took direct aim at Michael Saylor’s debt-fueled Bitcoin accumulation playbook.
Garlinghouse argued that relying on complex capital structures—like issuing preferred stock—has introduced artificial downward volatility that is actively hurting the broader crypto market. He pointed directly to Strategy’s STRC preferred shares trading at a brutal 25% discount to par as a "damning indictment" of the model.
The catch: Garlinghouse is still highly bullish on $BTC as digital gold. He just believes the industry needs to stop cheering for financial leverage and start focusing on real-world transactional utility.
$XRP
Ripple CEO went on CNBC and took direct aim at Michael Saylor’s debt-fueled Bitcoin accumulation playbook.
Garlinghouse argued that relying on complex capital structures—like issuing preferred stock—has introduced artificial downward volatility that is actively hurting the broader crypto market. He pointed directly to Strategy’s STRC preferred shares trading at a brutal 25% discount to par as a "damning indictment" of the model.
The catch: Garlinghouse is still highly bullish on $BTC as digital gold. He just believes the industry needs to stop cheering for financial leverage and start focusing on real-world transactional utility.
$XRP