By Tobi Loba
The chief executive officer at Ripple, Brad Garlinghouse, has in a recent tweet cautioned public companies against investing in the leading cryptocurrency Bitcoin (BTC).
This came in response to the list of possible first agenda of the newly elected U.S. administration led by Joe Biden, who beat the incumbent President Donald Trump in an election many termed as controversial.
In the tweet, Garlinghouse took a shot at payments giant, Square, for investing one percent of its treasury reserves into Bitcoin (BTC).
The Ripple executive pointed out that public companies that hold Bitcoin may want to pay attention to regulations that are related to climate change.
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Brad Garlinghouse tweeted, “Biden to require public companies to disclose climate change-related activities and GHG emissions in their operations. Love to see the action on climate change – first NYDFS, now this. Public companies holding BTC (ahem Square) — may want to pay attention.”
#6 – Biden to require public companies to disclose climate change-related activities and GHG emissions in their operations.
Love to see the action on climate change – first NYDFS, now this. Public companies holding BTC (ahem Square) — may want to pay attention 👀 https://t.co/TAxxN8NQpu
— Brad Garlinghouse (@bgarlinghouse) November 9, 2020
Joe Biden’s Interest in Mitigating Climate Risks
Brad Garlinghouse’s adoption of more critical terms towards public companies that have a huge investment in Bitcoin (BTC), came after calling MicroStrategy’s bet “bold and brilliant” back in September 2020.
The recent trend that has been obvious in the crypto industry is the adoption of Bitcoin by big investors and companies, including the aforementioned MicroStrategy. But many have since been analyzing how the Biden agenda could hurt the top cryptocurrency.
Biden is projected to sign an executive order that would prompt public companies to disclose climate risks in relation to their activities.
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Bitcoin (BTC) Proponents Think XRP Is Centralized
Ripple, the cross-border payment firm, has many times highlighted the exorbitant energy consumption of Bitcoin and its effect on the environment.
The leading cryptocurrency requires lots of energy that equals seven nuclear plants to power its proof-of-work (PoW) consensus algorithm. This is the major reason behind the criticism of Bitcoin by environmental alarmists.
However, Bitcoin advocates see this supposed shortcoming as what makes the digital currency secure and decentralized, unlike XRP that consumes as much energy as 14 light bulbs.