Could Ripple be Responsible for Bitcoin Energy FUD?

The subject of Bitcoin’s energy consumption continues to spread fluttering wings from several sources. The controversial topic that has aroused individuals, institutions, and governments is yet to be brought to a final conclusion. 

Berry Silbert, CEO of Digital Currency Group (DCG) has stated as a matter of consideration to label Ripple as the instigator of the recent Bitcoin FUD so far. 

“What if there was one company that was behind most of the bitcoin energy usage FUD?

Now THAT would make for a sensational story for somebody to write…”,  he tweeted in response to a tweet by CoinShares’ Meltem Demirors.”

However, Ripple’s CEO, Brad Garlinghouse, has denied the allegations that Silbert suggested. He said that it is “beyond flattering” for people to assume that his company is the “puppetmaster” that is steering the interests of individuals like Elon Musk and other entries away from the cryptocurrency. 

What led to this Ripple Allegation? 

Bitcoin began facing this pressure just after Tesla CEO Elon Musk announced that BTC won’t be used for the company’s transactions any further. Elon Musk before the controversial announcement was regarded as a Bitcoin whale and influencer after Tesla sunk a fortune into the virtual asset. 

Ripple’s CEO, Brad Garlinghouse, comes into the picture and is being accused as the FUD instigator because he had tweeted about Bitcoin’s carbon issues, just a week before Musk posted the Tesla decision. 

It could be recalled that Ripple had spent billions of dollars to lobby for their native cryptocurrency, XRP. The company, even though the cryptocurrency market was focused on BTC, had advocated that XRP has a more dependable network and consumed less energy; a statement that could be considered as a punch to BTC. 

The value of Bitcoin that had a comfortable sitting at over $50,000 flung down within two weeks to trade below $35,000 after the Tesla incident and the Chinese stand

However, Garlinghouse has made attempts to clarify the issues, stating that he never called for a ban on Bitcoin but had predicted that cryptocurrencies would endure if their energy sources were renewable. 

Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
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