Ripple CEO Bullish on Bitcoin but Says Strategy’s Leverage Hurt Crypto Market

Ripple CEO Brad Garlinghouse Says Bitcoin Has Established Its Role as Digital Gold

Ripple CEO Brad Garlinghouse said he remains bullish on bitcoin, even after a rough year for the asset and the broader crypto market. Speaking on CNBC’s Squawk on the Street on June 26, the Ripple executive framed BTC as a long-term store of value asset with a clear market role.

Describing bitcoin as digital gold, he contrasted BTC transfers with the physical movement of bullion, noting that moving roughly $300 billion in gold reportedly took years and billions of dollars, while transferring the same value in bitcoin could be done much more quickly and efficiently.

Garlinghouse said:

“I’m bullish on bitcoin.”

Utility remains central to the Ripple chief executive’s view of long-term digital asset value. He said assets that solve problems at scale can build liquidity, demand, and trust, while bitcoin’s role remains anchored in its digital gold use case.

The Ripple executive has consistently said he is bullish on bitcoin and wants the crypto asset to succeed, reiterating that view in multiple interviews. He has also pointed to long-term upside, including forecasts that BTC could reach $180,000 by the end of 2026 as institutional adoption grows and macro conditions strengthen.

Garlinghouse Says Strategy’s Bitcoin Approach Has Hurt the Crypto Market

Garlinghouse discussed Strategy’s recent bitcoin sale and its potential impact on the market, including the company’s focus on STRC. He argued that Strategy’s reliance on leverage intensified downward pressure, noting that while such tactics may have fueled enthusiasm during bitcoin’s rise, they have also amplified losses as the market declined.

He pointed to Strategy’s STRC preferred shares, saying they were trading roughly $25 below par. STRC is Strategy’s perpetual preferred stock, which pays an 11.50% annual dividend that is adjusted monthly to keep it near its $100 par value.

“Because they were using leverage, Michael Saylor would characterize it differently than leverage… but at the end of the day, it was leveraged, and then you start to see that in a place that can actually compound negatively,” Garlinghouse noted, adding:

“I think team Michael Saylor wasn’t focused on the right stuff, and that has hurt the overall market.”

Strategy’s recent selling drew scrutiny after the company sold 32 BTC to fund preferred stock dividends, marking a shift from its long-standing accumulation strategy. However, the company later bought more bitcoin than it sold.

Investors now face separate questions about bitcoin’s asset role and Strategy’s balance sheet model. Garlinghouse’s comments kept his BTC view constructive while placing his criticism on borrowing, financial engineering, and the market pressure tied to Strategy’s bitcoin accumulation strategy.