Ripple’s CEO Brad Garlinghouse has addressed his debatable comments about Bitcoin’s energy consumption, asserting that he’s not endorsing the ban of the world’s most significant cryptocurrency. He disclosed this in a recent Twitter thread.
Brad Garlinghouse said that instead of banning Bitcoin, we should research and comprehend the proof of work’s carbon footprint. The Twitter thread has received a lot of criticism. Some users were concerned about how XRP OTCs were marketed to retail buyers at a discount, while others were irritated by the subtle dig at Bitcoin.
Following the SEC lawsuit in December 2020, the value of XRP began to decline gradually. Garlinghouse claimed after the case was filed, SEC’s allegations were unjustified based on evidence and that an unbiased, impartial personage could see it.
In 2017, the CEO of the blockchain company questioned whether modern digital currencies would solve real-world problems. He recently said that one Bitcoin transaction was equal to burning 75 gallons of fuel in order to highlight the negative environmental effects of Bitcoin use. He said that XRP is 100,000 times more valuable than Bitcoin. CSO Blockstream, Samson Mow jokingly said that one XRP transaction is equivalent to 75 pages of court papers
Cryptocurrency and Energy Conservation
The bitcoin community, according to Garlinghouse, should be worried about obtaining access to alternative sources of renewable energy. He claims the mechanisms are already in place to ensure that crypto is renewable. With this in mind, he went on to predict that cryptocurrency would reach its full potential. He said that we should concentrate on ways to change the perception of personalities like Janet Yellen, Bill Gates, and several others that have identified the challenges with energy consumption rather than accusing him of FUD. Users of the ‘bird app’ have speculated that the comments have come in light of the fact that the digital currency is currently thriving in the crypto market. Many have expressed hopes of a continual increase of its value.
In December 2016, Garlinghouse was appointed Ripple’s CEO. In 2015, he joined the company as its COO. He was formerly the chairman of Hightail at one stage. While serving as Yahoo’s Senior Vice President from 2003 to 2008, Garlinghouse was in charge of the Yahoo Mail, Yahoo Messenger, and Flickr homepages. He attended Harvard Business School and held a bachelor’s degree in economics.