Ripple CEO warns companies about Bitcoin – Garlinghouse with renewed BTC FUD
The CEO of Ripple , Brad Garlinghouse, caused a stir again with a tweet. He warned companies like Square, which have invested some of their financial reserves in Bitcoin, of potential problems related to the new climate goals. Because in the eyes of the Ripple CEO, Bitcoin mining is not in line with the climate-friendly measures of recent years.
Ripple CEO warns of Bitcoin
Brad Garlinghouse keeps trying. Although he has now and then expressed himself positively towards Bitcoin and even described MicroStrategy’s step towards Bitcoin at the beginning of September as “ brave and brilliant „, he is now taking a critical stance. He is primarily targeting Square, the payment company owned by Jack Dorsey, CEO of Twitter.
His most recent tweet refers to the New York Times article detailing how „interim“ President Joe Biden will approach climate change goals. On his first day at the White House, Biden would sign an executive order that would require public companies to disclose climate risks.
The Ripple boss also applauds the New York State Department of Financial Services (NYDFS) for becoming the first US financial regulator to issue climate guidelines for state-regulated companies, including crypto companies.
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No one responsible for BTC
Bitcoin’s Proof-of-Work (PoW) consensus algorithm requires a lot of energy, which currently corresponds to seven nuclear power plants. For this reason, the cryptocurrency is repeatedly criticized by climate activists.
Still, the advocates of Bitcoin see the possibility of a decentralized and secure cryptocurrency as a sensible compromise. In addition, there is no direct company behind Bitcoin that can be held accountable. It is also not possible to stop mining in any way.
Therefore, there will certainly be no measures against companies in the USA that hold Bitcoin as security but do not mine themselves. The Ripple CEO is probably getting a bit nervous as the XRP market is stagnating and there is not much interest from companies and institutional investors. This is also one of the reasons why Ripple invested almost $ 50 million in XRP in the last quarter.
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