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Elon Musk Just Handed the Best “Ad Campaign” to Ripple and XRP: Attorney John Deaton

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Thu, 05/13/2021 - 05:32
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Alex Dovbnya
Elon Musk has handed a huge win for "sustainable" cryptocurrencies of the likes of XRP with his Bitcoin snub
Elon Musk Just Handed the Best “Ad Campaign” to Ripple and XRP: Attorney John Deaton
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Tesla CEO Elon Musk has just handed “the best ad campaign” to the Ripple-affiliated XRP cryptocurrency, according to attorney John Deaton.

As reported by U.Today, the e-car manufacturer dropped Bitcoin payments due to environmental concerns, making the price of the flagship coin tank to just $45,700 before seeing a relief bounce.  

Deaton—who’s spearheading the effort to insert XRP holders into Ripple’s legal battle with the U.S. Securities and Exchange Commission—believes that more mainstream coverage will now be devoted to sustainable currencies.    

Ripple CEO Brad Garlinghouse and other high-ranking executives have been very vocal about XRP’s green cred. In a recent interview, Garlinghouse claimed that the token was 10,000 times more energy-efficient than Bitcoin.

In the meantime, Ripple co-founder Chris Larsen suggested that the number one cryptocurrency should ditch the power-hungry proof-of-work consensus mechanism to remain the dominant coin.

Last month, Ripple also joined the Crypto Climate Accord to decarbonize all blockchains.  

Related
Ripple's Chris Larsen Claims Gary Gensler's SEC Will Focus on Green Crypto

The “green” race

In his bombshell announcement, Tesla CEO Elon Musk said that his company was looking into other cryptocurrency alternatives that consume less than one percent of Bitcoin’s electricity.

XRP is, of course, far from being the only “green” contender. Elrond Network CEO Beniamin Mincu said that Elrond is “the solution”.

Stellar, Algorand, Cardano, IOTA, and Nano are all sustainable cryptocurrencies.

Dogecoin—the meme coin that is currently being considered by Tesla for payments—is also more energy-efficient than Bitcoin because of its Scrypt mining algorithm.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.