XRP 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.

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?