Ripple’s Garlinghouse Eliminated Bitcoin’s Energy Use Before Biden Managed It.
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After Joe Biden is declared the next president of the United States, Ripple CEO Brad Garlinghouse will ensure that his company’s information is consistent with the new government.
Ripple CEO Brad Garlinghouse believes that as the more environmentally conscious Biden administration takes over the White House in January, companies that convert cash into Bitcoin (BTC) may Made a costly mistake.
Garlinghouse said on Twitter on Monday that the incoming president will be tougher on climate change and require all publicly traded companies to disclose their greenhouse gas production activities. He selected Square as a company that “may wish to follow” the new federal standards, which may be introduced once Biden takes office.
Garlinghouse’s comments were accompanied by an earlier NYT Politics tweet outlining some of Biden’s measures against climate change, including rejoining the Paris Agreement and signing executive orders to curb emissions. President Trump withdrew from the Paris Agreement in 2017 on the grounds that the agreement would harm the US economy.
Square added 4,709 bitcoin to its balance sheet last month, making headlines. At the time of purchase, the newly acquired bitcoins accounted for approximately 1% of the payment company’s existing cash.
In August, the mid-range technology company MicroStrategy stated that it has made Bitcoin its new reserve currency through the purchase of $250 million in digital assets. Since then, the business intelligence company has increased its holdings to 38,250 BTC-valued at approximately $590 million at the time of writing.
Garlinghouse praised MicroStrategy’s cryptocurrency trading in August, but appeared to have changed its position after the presidential election. Ripple’s “money sustainability” narrative seems to be fused with the concerns of the incoming Biden administration. It is also used to demonstrate the superiority of XRP in Bitcoin resource-consuming workload proof consensus.
Ripple claims that compared to Bitcoin’s 4.51 billion light bulb hours, its XRP token can provide 79,000 light bulb hours for every 1 million transactions. The company claims that XRP is 57,000 times more efficient than Bitcoin.