Tesla CEO and Founder Elon Musk sent shockwaves reverberating throughout the cryptocurrency industry when he announced that the company would no longer be accepting payments for its vehicles via Bitcoin (BTC) due to mounting concerns about the damage that continued BTC mining is causing to the environment, although he has stated that this is only temporary until a more eco-friendly and sustainable mining method can be discovered and subsequently administered.
Apart from the ocean of complaints and calls for boycotting Tesla, there are some who claim that this represents an opportunity for the altcoins. To this end, John Deaton, an attorney, claims that all Elon has done is hand an extremely beneficial advertisement campaign to various other cryptocurrencies, specifically Ripple (XRP). As of the time of this writing, XRP is trading at a price of $1.37, which is a 7.6% decrease since yesterday.
Altcoins to become mainstream
Deaton is also the one who has been trying his best to have the XRP holders be inserted into the ongoing lawsuit filed against Ripple by the SEC. The attorney now holds the firm belief that Tesla’s latest announcement will result in investors moving away from Bitcoin and towards the altcoins, which will culminate in wider mainstream coverage being provided to the likes of sustainable cryptocurrencies such as XRP.
This is because many of Ripple’s top executives, including the founder Brad Garlinghouse himself, have been quite supportive and vocal regarding the eco-friendly nature of the XRP token. In fact, the founder had recently stated during an interview that XRP is considerably more efficient when it comes to energy consumption as compared to the flagship crypto, adding that the efficiency is up to 10,000 times better than that of Bitcoin.
In related news, Ripple had also become a member of the CCA (Crypto Climate Accord) in an effort to contribute towards having every blockchain be ultimately decarbonized.
Race to become ‘green’
Elon had cited environmental concerns for Tesla’s recent announcement, and so there is a clear need for more eco-friendly options.
While XRP is certainly a ‘green’ contender, it is not the only one, as the CEO of Elron Network, Beniamin Mincu, claimed the solution lies with Elrond. Furthermore, Cardano, Nano, Stellar, IOTA, and Algorand are all viable alternatives as well. Even Dogecoin (DOGE), which has been heavily supported by the likes of Elon Musk in the past, has become increasingly energy-efficient.