With Joe Biden declared the next president of the United States, Ripple CEO Brad Garlinghouse is ensuring that his company’s messages are aligned with the new administration.
Ripple CEO Brad Garlinghouse believes that corporations that convert money into Bitcoin (BTC) may be making an expensive mistake when a more environmentally conscious Biden administration takes the White House in January.
Volumes in DEX increased 1,000% in Q3 before October saw the DeFi mania cool off
Garlinghouse said on Monday that the new president will be much tougher on climate change, requiring all publicly traded companies to disclose their greenhouse gas production activities. He highlighted Square as a company that “may want to pay attention” to new federal guidelines that can be implemented once Biden takes office.
Garlinghouse’s comments pick up a previous tweet from NYT Politics, which outlined some of Biden’s proposed measures on climate change, including a return to the Paris Agreement and the signing of executive orders to reduce emissions. President Trump withdrew from the Paris Accord in 2017 under allegations the pact would hurt the U.S. economy.
Square made headlines last month by adding 4,709 Bitcoin to its balance. At the time of the purchase, the newly acquired Bitcoin accounted for about 1% of the company’s available cash.
High continues and Bitcoin’s price reaches a new record of 2020 at US$ 15,950
In August, MicroStrategy’s mid-cap technology company said it turned Bitcoin into its new reserve currency, buying US$250 million in digital assets. Since then, the business intelligence company has increased its holdings to 38,250 BTC – worth around $590 million at the time of writing this article.
Garlinghouse praised MicroStrategy’s crypto move in August, but seems to have changed its position after the presidential election. Ripple’s “money sustainability” narrative seems to conform to the concerns of the new Biden administration. It is also used to show the supposed superiority of XRP over the proof-of-work consensus that drains resources from Bitcoin.
Ripple claims that for every 1 million transactions, its XRP token could power 79,000 lightbulb hours compared to 4.51 billion Bitcoin lightbulb hours. The company states that the XRP is 57,000 times more efficient than Bitcoin.