Tesla CEO Elon Musk, in a tweet, handed Ripple on a silver platter the best advertising campaign for the XRP token from the fintech firm, according to attorney John Deaton.
Whatever ruin think of @elonmusk, he just handed @Ripple @bgarlinghouse @chrislarsensf @JoelKatz and @s_alderoty the best Ad campaign for #XRP 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
Representing the interests of XRP holders the lawyer meant Musk’s post with Tesla’s statement about the suspension of selling electric vehicles for Bitcoin. The company explained the decision citing concerns about the environmental impact of cryptocurrency mining.
Deaton noted that Ripple executives had repeatedly put forward ‘energy’ arguments in favor of the company’s coin, criticizing the Bitcoin network for increasing carbon emissions. Now, because of Musk’s tweet, everyone will be talking about it, according to the founder of the Deaton Law Firm.
Earlier, Ripple CEO Brad Garlinghouse described the energy consumption of mining Bitcoin as ‘enormous wastefulness’.
‘There are absolutely no incentives to force them to account for the carbon footprint they leave behind. It is inconceivable why this issue is not at the forefront of the global climate crisis agenda,’ he noted.
If Deaton is right, Musk has since made another contribution to XRP’s publicity.
‘The trend in energy use by Bitcoin over the past few months is insane,’ wrote the Tesla founder in his next tweet.
Energy usage trend over past few months is insane https://t.co/E6o9s87trw pic.twitter.com/bmv9wotwKe
— Elon Musk (@elonmusk) May 13, 2021
In November 2020, Garlinghouse said that XRP and the first cryptocurrency pursue different goals and are not competitors.