Chris Larsen, co-founder of Ripple, says he will continue to hold Bitcoin and resist claims he wants to ban the cryptocurrency
Ripple Co-Founder Chris Larsen has clarified that he is not advocating banning Bitcoin in response to a tweet posted by Republican US Representative Warren Davidson of Ohio.
Larsen believes that switching completely to renewable energy is not a viable long-term solution, as the proof-of-work mechanism simply encourages finding the cheapest energy.
As reported by U.Today, Larsen teamed up with Greenpeace USA to launch a $5 million ad campaign targeting Bitcoin’s energy-guzzling consensus mechanism. The initiative has received scathing criticism from the Bitcoin community, which sees the upcoming ad blitz as a direct attack on the world’s largest cryptocurrency. Some ads point the finger at Bitcoin’s most powerful supporters, including former Twitter CEO Jack Dorsey.
Larsen says he owns Bitcoin himself and wants it to succeed in the future, which is why he is pushing for a highly unlikely code change.
As reported by U.Today, Larsen urged regulators to punish Bitcoiners during a podcast appearance in September, while Ethereum co-founder Vitalik Buterin was hailed as a “hero” for working to ditch proof-of- work (PoW).
The billionaire believes that it will be challenging for Bitcoin to compete with Ethereum once it switches to the proof-of-stake consensus algorithm. The second largest cryptocurrency is expected to reduce its power consumption by 99.95% after the completion of the highly anticipated upgrade.
As Larsen points out, U.S. Securities and Exchange Commission chairman Gary Gensler is climate-focused, and major institutions will be reluctant to invest in Bitcoin due to the excessive consumption of the flagship cryptocurrency.
The Ripple co-founder claims that the company itself is not part of the campaign and emphasizes that it is his own initiative.