The CEO of Ripple, Brad Garlinghouse believes companies converting cash to Bitcoin (BTC) could make a costly mistake as a more environmentally conscious Biden government takes over the White House in January.
Garlinghouse tweeted On Monday, the new president will tackle climate change much tougher and call on all listed companies to disclose their activities in the production of greenhouse gases. He highlighted Square as one of the companies that “want to look out for new federal guidelines” that could be implemented once Biden takes office.
Garlinghouse’s comments are based on a Tweet above from NYT Politics, which set out some of Biden’s proposed measures on climate change, including reinstating the Paris Agreement and the signing of implementing regulations to reduce emissions. President Trump withdrew from the Paris Agreement in 2017 on allegations that the pact would harm the US economy.
Square made headlines last month by adding 4,709 Bitcoin to its balance sheet. At the time of purchase, the newly acquired bitcoin accounted for approximately 1% of the payment company’s available cash.
In August, Mid-cap tech company MicroStrategy announced it had made Bitcoin its new reserve currency by buying $ 250 million of digital assets. Since then, the business intelligence firm has increased its holdings to 38,250 BTC, which is worth around $ 590 million at the time of writing.
Garlinghouse praise However, MicroStrategy’s cryptocurrency game in August appears to have changed after the presidential election. Ripple’s “money sustainability” narrative seems to be in line with the concerns of the new Biden administration. It is also used to show XRP’s supposed superiority over the proof-of-work consensus that is draining Bitcoin’s resources.
Ripple claims that its XRP token could deliver 79,000 bulb hours for every million transactions, compared to Bitcoin’s 4.51 billion bulb hours. The company claims that XRP is 57,000 times more efficient than Bitcoin.