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Ripple Is Behind Bitcoin Energy Usage FUD, Says Coinshares CSO

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Coinshares’ Meltem Demirors claims that Ripple is to blame for the Bitcoin energy usage FUD

Meltem Demirors, chief strategy officer at Coinshares, is convinced that distributed ledger startup Ripple is behind the now-pervasive anti-Bitcoin narrative that is based on the cryptocurrency’s excessive usage of electricity.

This comes after Digital Currency Group CEO Barry Silbert made an ambiguous remark about a single company allegedly orchestrating the Bitcoin energy usage FUD.

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Image by @Melt_Dem

Even though CEO Brad Garlinghouse claims that he’s long Bitcoin, the former Yahoo executive has been taking aim at the cryptocurrency’s energy consumption and transaction costs since March 2017 to promote Ripple-affiliated XRP. In his recent CNN interview, he said that one BTC transaction equals 75 gallons of gasoline.

Ex-Ripple CEO Chris Larsen has displayed even more hostility toward Bitcoin: from making unsubstantiated overblown claims about Bitcoin being potentially destroyed by China to suggesting that the top cryptocurrency should ultimately ditch its proof-of-work consensus protocol to remain relevant.

In its preliminary response to the lawsuit filed by the U.S. Securities and Exchange Commission, Ripple highlighted Bitcoin’s “enormous carbon footprint.”

In late April, Larsen told Bloomberg that Gary Gensler’s SEC would focus on “green currencies.”

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Both Larsen and Ripple CTO David Schwartz harshly criticized a white paper jointly published by Square and Ark Invest, which explains how Bitcoin incentivizes green energy adoption.

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Demirors says that Ripple has money and it “knows how to play the game.”

The company shelled out $690,000 on its lobbying efforts last year, outspending every other player in the cryptocurrency space.

Related
Key Highlights from Ripple’s Latest Discovery Conference with SEC

BlackRock is another likely answer

As reported by U.Today, Ark Invest CEO Cathie Wood said that BlackRock could be behind Tesla’s U-turn on Bitcoin payments:

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I believe what happened is after he took a position on Bitcoin, he [Elon Musk] got pushback from institutional shareholders like BlackRock. You’ve got Larry Fink beating the drum on climate change.

In early February, BlackRock disclosed ownership of a whopping 50 million Tesla shares, shifting its focus to sustainability.

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Crypto Traders Most Bullish on Polkadot, Solana, Polygon and 10 Additional Altcoins: Digital Asset Survey

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A new survey unveils that crypto traders are most bullish on 13 altcoins including Polkadot, Solana and Polygon.

The Real Vision Exchange Crypto Survey is designed to track sentiment among investors by allowing participants to scan 30 tokens and choose if they want to have an overweight or underweight allocation for each one. The survey was conducted by Real Vision Bot, which was created by two independent developers and boosted by macro guru Raoul Pal.

Results from voting that happened on the first two days of this week indicate traders prefer an overweight portfolio consisting of smart contract platforms Polkadot (DOT) and Solana (SOL), as well as Ethereum-scaling solution Polygon (MATIC).

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The scalable and interoperable ecosystem Cosmos (ATOM) is fourth on the list, and smart contract platforms Terra (LUNA) and Cardano (ADA) appear tied for fifth. Traders also have overweight allocations for decentralized oracle network Chainlink (LINK), Ethereum competitor Avalanche (AVAX), Ethereum-based token Enjin Coin (ENJ) and decentralized exchange Uniswap (UNI) for the sixth, seventh and eighth places, respectively.

Tied in ninth place are cross-border payment solutions Stellar (XLM) and XRP, as well as decentralized storage network (FIL).

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Source: RealVisionBot/Twitter

Real Vision Bot clarifies that the participants are not necessarily holding the cryptocurrencies that they voted for.

“They can of course vote according to their own positions, but also just based on their sentiment or forward looking. There are many reasons why the own book might not be 1:1 the preferred allocation.”

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Bitcoin (BTC) is conspicuously absent from the list. Pal highlights that the community is responsible for that absence.

“It’s not us – it’s the community who makes the allocation… You guys, to be exact.

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Morgan Stanley CEO: Crypto Won’t Go Away

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Morgan Stanley’s boss is bullish on cryptocurrency but says that demand is scanty so far

Morgan Stanley CEO James Gorman sounded upbeat about cryptocurrencies during the bank’s third-quarter earnings call, claiming that the industry will not go away:

I don’t think crypto’s a fad. I don’t think it’s going to go away.

Morgan Stanley was the first major U.S. bank to grant its wealthy clients access to Bitcoin funds in March.

So far, Gorman does not see a lot of client demand for Bitcoin, but he does not rule out that crypto may start playing a bigger role in its business:

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For us, honestly, it’s just not a huge part of the business demand for our clients. That may evolve and will evolve with it, but certainly it’s not what’s driving our economics one way or the other.

Shares of Morgan Stanley (MS) are up 44% since the start of 2021.

The bank’s investment revenue crushed analysts’ estimations in the third quarter of 2021, reaching $2.85 billion.

Not siding with Dimon

Gorman’s views on Bitcoin diverge from those of JPMorgan CEO Jamie Dimon. While the Morgan Stanley head refrained from making specific price predictions, he opined that the largest cryptocurrency would be here to stay:

I don’t know what the value of Bitcoin should or shouldn’t be. These things aren’t going away.

As reported by U.Today, Dimon caused quite a stir by claiming that Bitcoin is worthless.

While the Bitcoin price is already immune to Dimon’s oft-repeated critiques, his caustic comment certainly did not go unnoticed by the crypto community and market observers.

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A divisive comment

There are some powerful Wall Streeters who share Dimon’s sentiment. Larry Fink, CEO of asset management juggernaut BlackRock, recently said that he was more in the Dimon camp.

Gorman is not the only banker who disagrees with Dimon on Bitcoin. Bill Winters, CEO of Standard Chartered, recently opined that cryptocurrency assets could serve as a hedge against inflation:

There’s a role for non-fiat currencies, especially when parts of the market are concerned about inflation—and there’s good reasons to be concerned about inflation.

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China Crypto Ban: World’s largest Bitcoin mining pool to block IP access from mainland China

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The latest update in the Chinese crypto ban saw the world’s largest Bitcoin mining pool, Ant Pool give in to the regulatory crackdown and announced blocking IP access in mainland China, effective from 15th October. Additionally, amid a global crypto takedown, Ant Pool has also revealed the upcoming launch of its exclusive KYC verification system to further comply with crypto regulations of various countries.

Since the reveal about the Chinese government’s tracking of IP addresses to filter out illicit crypto mining activities in the country, there have been several shutdowns of unregistered mining farms along with registered giants taking steps to comply with the authorities. Earlier this week, the largest Bitcoin mining equipment manufacturer in China, Bitmain announced that it will stop shipping any more Antimers to the country from October 11, in lieu of the ongoing crypto crackdown, that is specially focused on Bitcoin mining.

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“Actively responding to the local government policies of the company’s entities has been Bitmain’s business strategy all along…Strictly abide by the laws and regulations of the locations of the company’s entities is the operating principle that Bitmain has always adhered to. From October 11, 2021, Antminer will stop shipping to mainland China (excluding Hong Kong and Taiwan). For customers in mainland China who have purchased long-term products, our staff will contact them to provide alternative solutions.”, stated the Press Release.

China Crypto Ban nears end as government succeeds shutdown of crypto businesses

However, the Chinese government has no plans to stop unless the crypto industry has completely vanished from the face of China. According to CoinGape’s recent coverage, China’s authoritarian government is now planning to add crypto mining to the “Negative List” of industries. This would mean that the crypto mining industry will be banned or restricted from any investment from both, mainland China investors as well as foreign investors.

The Chinese crypto ban appears to be near the end as more than 20 crypto firms and exchanges announced the suspension of crypto services in the country. Furthermore, foreign crypto exchange giants including Huobi, OKEx, and Binance have also announced the closure of all services by December.

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