Debate On Twitter, Ripple Founder Confirms Not Banning Bitcoin

Chris Larsen insists there is no recommendation to ban Bitcoin. (Coindesk)

JAKARTA – Ripple Co-Founder Chris Larsen clarified that he is not advocating a ban on Bitcoin after engaging in a debate on Twitter with US politician Warren Davidson. Larsen believes that a complete switch to renewable energy is not a long-term solution. This is because the proof-of-work mechanism only provides allowances for finding the cheapest energy.

Reporting from U.Today, Larsen teamed up with Greenpeace United States to launch IDR 71.6 billion advertising campaign targeting the energy-consuming Bitcoin consensus mechanism. The initiative has drawn scathing criticism from the Bitcoin community, which views the upcoming ad blitz as a direct attack on the world's largest cryptocurrency. Some of the ads will point to Bitcoin's most powerful proponents, including former Twitter CEO Jack Dorsey.

Larsen then confirmed that he himself holds Bitcoin and wants the digital currency to succeed in the future. That means it's pushing code changes that are highly unlikely.

Previously, Larsen urged regulators to punish Bitcoin users in a podcast in September 2021. This he made while praising Ethereum founder Vitalik Buterin as a “hero” for getting rid of the proof-of-work (PoW) system.

Larsen believes that Bitcoin will find it difficult to compete with Ethereum once the digital currency switches to a proof-of-stake (PoS) algorithm. The second-largest cryptocurrency is expected to reduce energy consumption by 99.95 percent after the anticipated increase.

Like Larsen, the Chair of the US Securities and Exchange Commission, Gary Gensler, is also climate-focused, so large institutions will be reluctant to invest in Bitcoin. This is due to the excessive consumption of its flagship crypto. Ripple's co-founder, on the other hand, revealed that his company was not part of the campaign and emphasized that it was Larsen's own initiative.