By Shelly Melancon (Switzerland)
The Bitcoin market has been a horror show in recent times. As its price takes successive hits, the leading cryptocurrency seems to struggle with overcoming the bearish trends. The genesis of the whole problem can be traced to Elon Musk’s tweet about the power consumption rate of Bitcoin, and he followed it up by revealing that Tesla would no longer accept BTC payments from potential customers. Musk’s actions had adverse consequences on the market, especially as Tesla’s Bitcoin purchase had made them one of the leading institutional investors in Bitcoin.
However, some analysts believe that the current Bitcoin price issue might not just be a result of the energy consumption problems, but that there is an organization hiding behind the energy consumption narrative to cause a price BTC price crash. This narrative gathered momentum when Grayscale parent company, the digital currency group (DCG) CEO and founder, Barry Silbert, tweeted that it might be possible that a company is causing the Bitcoin energy usage FUD. Then, CoinShares group’s digital chief strategy officer, Meltem Demirors, commented on Silbert’s tweet and firmly named ripple as the perpetrator of this energy issue.
Meltem Demirors Twitter comment
Source: Twitter
Ripple’s Buttonholing
There are proven evidence that ripple continues to spend several billions of dollars to influence the crypto market towards XRP, the company’s native token. But their efforts haven’t yielded their desired objective since most of the market already prefers Bitcoin to other altcoins. In addition, Ripple touts its network as one that consumes less power, is more reliable, and environmentally friendly. But most industry watchers assume that it is an attempt by the company to put down Bitcoin for the public to accept XRP.
Also read:Bitcoin FUD Affects The Whole Crypto Space
Recent happenings in the crypto space proves that any campaign against Bitcoin is a campaign against other digital assets. When Bitcoin was doing great on several occasions, everything is all cool and fine with the whole crypto industry. The reverse is also the case when Bitcoin isn’t doing well. In the latest crypto market decline, almost all the altcoins have been experienced massive price hits to conform with Bitcoin price decline from the $60,000 price range to about the $30,000 price range.
BTC/USD chart. Source: TradingView
Ethereum price has declined by more than 44% in the last week. As of this news release, Bitcoin price is at $36,500, experiencing a 28% decline in the past week. No one can predict how long this FUD will impact Bitcoin or whether a Bitcoin rally back to the $60K range can still happen after this FUD is over. However, Brad Garlinghouse, Ripple CEO, has responded to Meltem Demirors accusation, saying, “it is flattery to think that ripple is Elon Musk’s puppeteer regarding Bitcoin energy usage.”
He further said that BTC energy usage statistics had been made public knowledge by several scientists, crypto enthusiasts, and governments. Garlinghouse said in April that “ripple’s tools can make crypto completely renewable and attain its full potential. We should find solutions to the concerns of industry leaders’ worries about BTC energy consumption rate rather than blaming me for FUD.”
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