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Ripple CEO Brad Garlinghouse believes companies that convert money into Bitcoin (BTC) could be making a costly mistake as a more environmentally conscious Biden administration takes over the White House in January.
Garlinghouse tweeted On Monday the incoming president will be much tougher on climate change, requiring all publicly traded companies to disclose their greenhouse gas production activities. He singled out Square as a company that “may want to pay attention” to new federal guidelines that could be implemented as soon as Biden takes office.
Garlinghouse’s comments went back to earlier tweet by NYT Politics, which outlined some of Biden’s proposed measures on climate change, including reconnecting to the Paris Agreement and signing executive orders to cut emissions. President Trump withdrew from the Paris Agreement in 2017 on allegations that the pact would damage the US economy.
Square made headlines last month by adding 4,709 Bitcoins to its balance sheet. At the time of purchase, the newly acquired Bitcoin represented about 1% of the payment company’s available money.
In August, mid-cap tech company MicroStrategy said it had turned bitcoin into its new reserve currency by purchasing $ 250 million of the digital asset. The business intelligence firm has since increased its holdings to 38,250 BTC, which is worth around $ 590 million at the time of writing.
Garlinghouse praised MicroStrategy’s cryptocurrency in August, but appears to have changed stance after the presidential election. Ripple’s “sustainability of money” narrative appears to align with concerns from the upcoming Biden administration. It is also used to show XRP’s alleged superiority over Bitcoin’s proof-of-work consensus which drains resources.
Ripple says that, for every million transactions, its XRP token could power 79,000 light bulb hours compared to Bitcoin’s 4.51 billion light bulb hours. The company says XRP is 57,000 times more efficient than Bitcoin.
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