John Deaton, an attorney and crypto enthusiast, has revealed he believes that Tesla CEO Elon Musk has just handed Ripple and the XRP token “the best ad campaign” on a “silver platter.”
Deaton’s words came shortly after the electric car marker’s CEO tweeted out that Tesla will no longer be accepting bitcoin payments over concerns about bitcoin’s proof-of-work (PoW) consensus mechanism is bad for the environment.
In the announcement, the electric car market pointed out it won’t be selling any BTC and plans to use it for transactions “as soon as mining transitions to more sustainable energy.” Meanwhile, it is “looking at other cryptocurrencies that use <1% of Bitcoin’s energy/transaction.”
To the attorney, the move will see mainstream news outlets talk about XRP’s low energy consumption when compared to bitcoin.
Tesla’s announcement affected the market, as bitcoin’s price started dropping shortly after it was made. The flagship cryptocurrency hit a $47,000 low before recovering to $49,800 at press time, according to CryptoCompare data.
Deaton, who has been supporting the XRP community against the U.S. Securities and Exchange Commission (SEC), noted in a separate tweet he believes Musk is going to announce Tesla will accept Dogecoin payments in the near future, as the company’s announcement came a day after Musk asked the crypto community whether it should accept DOGE.
Ripple CEO Brad Garlinghouse has over the last few months been a vocal critic of bitcoin’s carbon footprint and defended the XRP token as a greener alternative. Speaking to Bloomberg, he has argued one bitcoin transaction “equals 75 gallons of gasoline being burned.”
Dogecoin co-creator Billy Markus, who recently commented on a Shiba Inu statue placed in front of the iconic “Charging Bull” sculpture in New York’s financial district, made a case for DOGE as it is merge mined.
Dogecoin and XRP aren’t the only alternative cryptocurrencies with a carbon footprint smaller than that of bitcoin. Replying to Musk’s announcement, several market commentators pointed to others cryptoassets including Waves, Solana, Cardano, Nano, and Algorand.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured Image via Pixabay.com