Why XRP benefit from Tesla’s decision to stop accepting Bitcoin payments?

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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.

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One of them – XRP – the altcoin at the center of Ripple’s feud with the SEC, was led by the blockchain firm’s CEO Brad Garlinghouse. In a recent tweet, he said,

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.”

Ripple and its executives, who not so long ago joined the Crypto Climate Accord, have all criticized BTC’s energy consumption in the past, with one of their statements asserting,

” 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.”

 

 

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Others like Shark Tank star Mark Cuban, however, remain unmoved.

We at Mavs.com will continue to accept BTC/Eth/Doge because we know that replacing Gold as a store of value will help the environment.”

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.

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