Ripple's Garlinghouse disses Bitcoin's energy use in advance of Biden administration

Published on by Cointele | Published on

With Joe Biden being declared the next President of the United States, Ripple CEO Brad Garlinghouse is making sure his company's messaging aligns with the new administration.

Ripple CEO Brad Garlinghouse thinks corporations converting cash to Bitcoin could be making a costly mistake as a more environmentally-conscious Biden administration takes the White House in January.

Garlinghouse tweeted Monday that the incoming president will be much tougher on climate change, requiring that all publicly-traded companies disclose their greenhouse-gas producing activities.

He singled out Square as one company that "May want to pay attention" to new federal guidelines that could get rolled out as soon as Biden takes office.

Garlinghouse's comments piggyback off an earlier tweet from NYT Politics, which outlined some of Biden's proposed measures on climate change, including rejoining the Paris Agreement and signing executive orders to curb emissions.

At the time of the purchase, the newly acquired Bitcoin accounted for roughly 1% of the payment company's available cash on hand.

In August, mid-cap technology company MicroStrategy said it had made bitcoin its new reserve currency by purchasing $250 million of the digital asset.

Garlinghouse lauded MicroStrategy's crypto play in August but appears to have shifted his stance following the presidential election.

Ripple's "Sustainability of money" narrative appears to gel with the concerns of the incoming Biden administration.

The company claims XRP is 57,000 times more efficient than Bitcoin.