Numerous analyzes and news reports emerged that Ripple had a major role in highlighting the electricity consumption of Bitcoin, which affected Tesla and made it change its decision not to accept Bitcoin as a payment method.

Ripple CEO Reply:

Bitcoin’s energy consumption has been one of the most discussed topics in and out of the crypto community in the past several weeks.

On the other hand, environmentalists led by Elon Musk have claimed that the underlying cryptocurrency uses as much electricity as entire countries, which is very harmful to nature.

On the other hand, Bitcoin proponents have cited numerous researches which indicate that the majority of the electricity used comes from renewable energy sources.

Read:The price of the Binance coin (BNB) fell by more than 10 percent for this reason…

Interestingly, Barry Silbert, founder and CEO of Group Crypto, clearer A theory suggesting that a particular company could be behind most of the skepticism and FUD which focus on using Bitcoin for energy.

Meltem Dommers, CEO of CoinShares, stresses that the company’s name “begins with ‘rip’ and ends with ple.”

starts to rip

It ends with enlightenment

🤦🏾‍♀️

They also spent the most on lobbying in the past three years… 🥴

– Meltem Demir ◎ rs (Melt_Dem) May 22, 2021

Somewhat to be expected, this comment caught the attention of the CEO of the aforementioned company.

Although he avoided dismissing the accusations outright, Brad Garlinghouse derisively referred to them as beyond flattery.

Story details:

A few weeks before Tesla disabled Bitcoin payments for its products due to environmental problems, Musk began criticizing Bitcoin for this reason, which Garlinghouse relayed on Twitter and expanded on it and talked about the carbon footprint of Bitcoin.

From what was reported at the time, the CEO of Ripple stated that a Bitcoin transaction required about 75 gallons of oil and described it as among the least efficient payment mechanisms mankind had ever devised.

Read:Crypto asset manager CoinShares announces record ETP volume

In addition, he warned that the higher the price of Bitcoin, the more energy it used, and the carbon footprint continued to expand aggressively.

However, Garlinghouse made it clear that he was not urging a ban on Bitcoin and predicted that the cryptocurrency would only reach its full potential if all miners use renewable energy.

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