Claim $500XRP Lawyer Dismisses Elon Musk View On Bitcoin; Here’s Why
Elon Musk News: It was in May 2021 that Tesla CEO Elon Musk said the automaker was suspending vehicle purchases using Bitcoin. He cited rapid rise in use of fossil fuels for Bitcoin mining. However, Musk had at the time said Tesla will not be selling any Bitcoin and even said the idea of cryptocurrencies is good on many levels. Meanwhile, XRP lawyer John Deaton believes the energy consumption argument is losing strength in the current scenario.
Also Read: U.S. CFTC Sues Binance And CEO CZ For Violating Regulations; BNB Price Set To Crash?
The Tesla CEO said the company was looking at other cryptocurrencies that use less than 1% of energy consumed per each Bitcoin transaction. Since then, Musk had on several occasions supported meme token Dogecoin ($DOGE).
XRP Lawyer Emphasizes On Macro Environment
Deaton said in his latest comment that people will be focused more on the state of the economy rather than Bitcoin mining’s energy consumption. He made the comment in the backdrop of the US macro environment stressed with the volatility surrounding the ongoing regional banking crisis. The crisis came at a time when the US Federal Reserve continues its interest rate raising spree in its efforts to tighten to be able to bring inflation down to the 2% target.
“The energy consumption argument is losing its legs. People are going to become much more worried about jobs and the economy and a lot less worried about how much energy Bitcoin consumes.”
Recent data showed that the Bitcoin mining ecosystem made steady strides in increasing the share of sustainable energy consumption.
₿𝗥𝗘𝗔𝗞𝗜𝗡𝗚: The global #bitcoin mining industry is now powered by an estimated 52.6% sustainable energy. ♻️ pic.twitter.com/z61tkDlhbq
— Documenting ₿itcoin 📄 (@DocumentingBTC) March 14, 2023
Meanwhile, the Bitcoin price is sliding amid news of some recovery in the US bank stocks as well as the CFTC’s latest action on crypto exchange Binance.
Also Read: Polygon Unveils Its Layer-2 zkEVM Network; Is MATIC Price Poised To Rally?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- “Orange or Green?” Saylor’s Bitcoin Tracker Sparks New BTC Accumulation Speculation
- Bitcoin Holds Above $90K Despite Venezuela Strike As Market Shows Resistance To Geopolitical Shocks
- Maduro Arrest: Prediction Markets Face Insider Trading Scrutiny After Latest US Attack on Venezuela
- Top Gainers of the Week: MYX, PEPE, CC Lead Market Gains as as Bitcoin Rallies To $90k
- Crypto Traders Increase Bets on Judy Shelton for Fed Chair as Trump Remains Silent on Powell’s Successor
- Weekly Crypto Price Prediction: Bitcoin, Ethereum and XRP
- MSTR Stock Price Prediction 2026: Wall Street Senior Analyst Targets $500
- XRP Price Reclaims $2 After 10% Breakout: How High Can It Climb in January 2026?
- Ethereum Price Prediction 2026 As Vitalik Buterin Unveils New Scaling Roadmap
- Bitcoin and XRP Price Prediction 2026 Ahead of US Crypto Reserve, CLARITY Act
- Analyst Predicts Cardano Price to Surge 103% to $0.75 as Midnight, Leios Launch Near
