Ripple CEO Brad Garlinghouse believes companies converting cash into Bitcoin (BTC) could be making a costly mistake when the more environmentally conscious Biden administration takes over the White House in January.
Garlinghouse tweeted on Monday that the new president will be tougher on climate change, demanding that all public companies disclose their greenhouse gas activities. Square identified one of the companies that “might want to pay attention” to new federal rules that could be passed once Biden joins.
Garlinghouse’s comments build on an earlier New York Times policy tweet outlining some of Biden’s proposed climate change measures, including joining the Paris Agreement and signing executive orders to reduce emissions. President Trump withdrew from the Paris Agreement in 2017 amid accusations that the agreement would harm the US economy.
Square made headlines last month by adding 4,709 Bitcoins to its balance sheet. At the time of purchase, the newly acquired bitcoin represented around 1% of the payment company’s funds.
In August, midsize technology company MicroStrategy announced that it would make Bitcoin its new reserve currency by purchasing a $ 250 million digital asset. Since then, the business intelligence firm has grown its assets to 38,250 BTC, which at the time of writing is around $ 590 million.
Garlinghouse praised the cryptocurrency MicroStrategy in August, but appears to have changed its mind after the presidential election. Ripple’s story of “stabilizing money” appears to be in line with the Biden administration’s new concerns. It is also used to demonstrate the alleged superiority of XRP over Bitcoin draining resources for worker consensus.
Ripple claims that for every million transactions, the XRP token could save 79,000 bulbs around the clock, compared to 4.51 billion Bitcoin bulbs. As such, the company claims XRP is 57,000 times more efficient than Bitcoin.