Edo Farina, CEO of Alpha Lion Academy, Takes a Dig at the Recent Controversy Hounding Strategy

Edo Farina, the CEO of Alpha Lion Academy, has taken a dig at the recent controversy hounding Strategy. He also discussed what could be its impact on Bitcoin (BTC) and how XRP will rise to the top from its ashes.

Edo Farina, the CEO of Alpha Lion Academy, took aim at the recent class action lawsuit against Strategy (formerly MicroStrategy) and discussed its potential impact on Bitcoin (BTC) and how XRP could rise to the top from its ashes.

Yesterday, Strategy was expected to announce its latest Bitcoin purchase. Along with disclosing that it had acquired 7,390 BTC for $764.9 million, the company also notified the US Securities and Exchange Commission (SEC) of the class action lawsuit it’s facing under the jurisdiction of the US District Court for the Eastern District of Virginia.

The lawsuit named Strategy Executive Chairman Michael Saylor, CEO and President Phong Le, and Executive Vice President Andrew Kang as defendants. The plaintiffs accused them of misleading investors by providing them with false information and withholding information about their BTC-centric investment strategy and treasury operations. In addition, the defendants allegedly omitted discussing the inherent volatility of Bitcoin with investors.

Class Action Lawsuit Could Unravel Saylor’s ‘Bitcoin Fraud’

According to Farina, the class action lawsuit could unravel Saylor’s supposed “Bitcoin fraud.” It could particularly expose the over-leveraged position of Strategy.

The Alpha Lion CEO claimed that it would only take a 30% to 35% dip for Bitcoin to bring Strategy’s portfolio into the red. However, Saylor and his company have been making a lot of effort to shill BTC.

Farina noted that the promotion Strategy has been doing for Bitcoin is not present within Ripple. Neither company CEO Brad Garlinghouse nor CTO David Schwartz is over-hyping XRP because its adoption is coming at an organic pace. Institutions use the digital asset and its underlying technology due to the real-world utility they provide.

XRP Focuses on Utility, Whereas Bitcoin is Limited to a Store of Value

XRP offers a cheaper, faster, more scalable, and environmentally friendly medium for cross-border payments. It’s also very popular with many crypto investors.

Meanwhile, Bitcoin has heavily deviated from Satoshi Nakamoto’s vision as a decentralized peer-to-peer electronic cash system. Reaffirming the controversial Dr. Craig Wright’s criticisms, Farina argued that the true vision for it has been lost in the shuffle, as the centralized financial entities like BlackRock, Strategy, and others that it aimed to dismantle have over-taken its ecosystem.

What’s worse, the industry has downgraded BTC from its electronic cash status to merely a store of value. The problem here is that people who bought it at the top or above $100K could be in a lot of trouble if the ensuing corrections lead to 70% and 80% dips.

Farina noted that big institutions that bought Bitcoin near its peak may be desperate for liquidity. As a business, they will likely cash out their investments at some point, so they are even lobbying the US government to promote BTC in order to attract retail liquidity.

“While the world was distracted by Bitcoin, the real plan was always XRP,” concluded Farina. “XRP is the final product, engineered for the new financial system.”