Ripple CTO: MicroStrategy Won’t Do Well if BTC Plunges

David Schwartz, chief technology officer at enterprise blockchain company Ripple, has opined that it is “not controversial” to say that Strategy (formerly MicroStrategy) is essentially a leveraged Bitcoin bet. 

Schwartz has predicted that the company will do “very poorly” if the Bitcoin price ends up plunging.  

“Blink twice”

The comment comes amid the latest controversy surrounding the leading corporate Bitcoin holder. 

On Monday, Nick O’Neill, co-founder of BoDoggos Entertainment, sparked some controversy with his follow-up video regarding Strategy. 

O’Neill, who harshly criticized Strategy, suddenly posted a “clarification” video, during which he read a statement that sounds like a forced retraction. “For the avoidance of doubt, let it be known that 1) MicroStrategy is not a Ponzi scheme…3) Michael J. Saylor is legally and officially a good person…” the statement said. 

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The video, which has now accumulated more than 1.2 million views on the X social media platform, sparked plenty of discussions on social media. 

It appears to be obvious that O’Neill had been contacted by Strategy lawyers. 

“Bink twice if you got a cease and desist,” one social media user quipped in response to the sudden U-turn. 

“What he was saying was dumb”

The Ripple CTO is also convinced that O’Neill was “coerced” into recording the latest video, meaning that the original videos actually reflect his actual opinions. “MicroStrategy, which we are free to agree with or think is nonsense as we please. I’m sure he wasn’t happy making that statement,” he said. 

Schwartz claims that O’Neill was supposed to realize that what he was saying was “dumb.”

That said,  he does not think that companies “should make people afraid to share their honest opinions of them.”