Ripple CEO: Saylor's Bitcoin Playbook Hurt Crypto

Ripple CEO Brad Garlinghouse said he stays bullish on bitcoin but argued Michael Saylor's preferred-stock funding model for Strategy hurt the…

Ripple's CEO just turned the spotlight on Strategy's funding machine

Ripple CEO Brad Garlinghouse says he is still bullish on bitcoin .

What Garlinghouse is criticizing

For about a year, Strategy has issued preferred shares to raise cash and pour it into more bitcoin.

How the model is supposed to work, and where it stalls

The logic of Strategy's engine is circular by design.

Not everyone agrees the engine is broken

There is a counterargument, and it comes from a Strategy watcher rather than a rival CEO.

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Read the complete breakdown, fixes and what happens next.