Ripple CEO Takes Aim at Saylor's Aggressive Bitcoin Buying

Ripple CEO Brad Garlinghouse has criticized Michael Saylor's aggressive Bitcoin purchasing strategy, calling it 'financial engineering' that won't drive long-term value.

Garlinghouse made his comments in a tweet, where he also stated that the artificial buying process has contributed to rising volatility in the crypto market.

Saylor's company, Strategy, has been on a massive buying spree in recent months, with multibillion-dollar purchases of Bitcoin. However, despite this, the largest cryptocurrency by market capitalization is currently trading at around $58k, below its previously dependable $60k price support.

Garlinghouse also referenced a tweet from Squawk on the Street, a popular CNBC financial news show that hosted him yesterday, where he said Saylor's leveraged preferred-stock financing model for purchasing Bitcoin amplifies market swings rather than fostering sustainable growth.