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Following the recent price depreciation in the industry, the 13th of May became a kind of “Black Friday” for many Bitcoin supporters in the crypto-community.
The corrections follow Tesla CEO Elon Musk’s announcement that the electric car manufacturer would withdraw its funding for implementing BTC payments before further notice.
In doing so, Tesla and Musk cited the growing carbon footprint of Bitcoin mining as the primary explanation for the sudden decision. Having said that, the two haven’t completely abandoned Bitcoin, with a statement saying, “While Tesla waits for Bitcoin to transition to renewable energy, the firm will be looking at other cryptocurrencies that use less than 1% of Bitcoin’s energy per transaction.”
On the back of the said development, the crypto-market registered a loss of around $365 billion. With BTCs position in a little jeopardy, can one coin’s loss be another crypto’s gain?
Soon after the news broke out, several cryptocurrency representatives awaited their turn to showcase their cryptos’ sustainable energy credentials.
“Let’s not overthink this..few people have changed the world the way ElonMusk has no doubt that BTC is here to stay – but denying there is a problem isn’t a path to solving it. Whether it’s through renewables or architectural changes, let’s keep moving on the solution.”
” XRP token was 10,000 times more energy-efficient than Bitcoin.”
And, it’s not just Ripple. Many XRP proponents within the community have expressed their optimism on the social media platform too. In fact, according to attorney John Deaton’s tweet, Elon Musk may just have handed XRP the best ad campaign “on a silver platter.”
I know they’ve been making the “energy” case themselves – but NOW all CNBC etc will be talking about is this tweet https://t.co/yxmG1wW2xh
— John E Deaton (@JohnEDeaton1) May 13, 2021
My prediction: Tesla will select either use ETH or XRP.
— The Cryptic Poet (@1CrypticPoet) May 12, 2021
Others like Shark Tank star Mark Cuban, however, remain unmoved.
On the opposite, a small number of Bitcoin supporters expressed dissatisfaction with this decision.
The current development can also be seen in light of Musk’s latest ‘damage management’ effort to resurrect DOGE after its recent bloodbath. Among these steps were Tesla’s vote to add DOGE, as well as SpaceX’s new venture.