Ripple CEO Dismantles Michael Saylor's 'Debt-Fueled' Bitcoin Strategy

Ripple CEO Brad Garlinghouse criticized Michael Saylor's Bitcoin accumulation strategy through his company Strategy, calling it detrimental to the entire crypto market.

Garlinghouse argued that the company's perpetual convertible preferred shares have collapsed by nearly 26%, trading at $74 compared to its original issue price of $100. This loss of anchor reflects a major trust crisis among institutional investors about the sustainability of the debt accumulated to continuously buy Bitcoin.

The average acquisition price of Bitcoin by Strategy is around $75,656 per unit, while the current price struggles below $59,000, plunging the company's portfolio into a massive latent loss exceeding 14 billion dollars.