Will XRP be able to use the Elon Musk opportunity?
Will Elon Musk's Bitcoin (BTC) Tweet Most Benefit to XRP?
Elon Musk, one of the richest people in the world , caused the cryptocurrency industry to shrink by billions of dollars with a single tweet.
🚨Tesla Will No longer Accept Bitcoin Payments
Musk recently approved by Bitcoin 's (BTC) criticized the energy model has led to a huge wave of panic among investors. The fact that the leading cryptocurrency Bitcoin has a fossil fuel-based mining infrastructure seems to be a big problem for Musk.
The famous billionaire stated that Tesla will no longer accept Bitcoin payments after this statement and the problem determination in his own way. A record-breaking development in the Bitcoin price recently came to an end. However, while this tweet by Musk damaged a front in the cryptocurrency industry, it became a material for another front.
🚨Proof-of-Stake and Proof-of-Work Wars
While there are many different infrastructure models such as Proof-of-Work or Proof-of-Stake in the cryptocurrency industry, most of them are known to be Proof-of-Work based just like Bitcoin. The model, in which the security of the network is ensured through mining, has been criticized for years for its electricity consumption. The group that shines with Musk's tweet was Proof-of-Stake-based cryptocurrencies.
When looking at the top 10 cryptocurrencies according to total market value, it is seen that the PoS-based ones are ADA, XRP and DOT . ADA, which rose 12% after Elon Musk's tweet and broke the record, clearly demonstrated how this situation could be effective.
🚨Opportunity for XRP on Silver Tray!
Famous lawyer John Deaton thinks that this can benefit XRP the most. In a statement on the subject, Deaton stated that Elon Musk actually gave Ripple a great deal of advertising material. Ripple has been trying to increase the use of XRP with an emphasis on energy efficiency for a long time, and Musk actually took a step in this direction.
According to Deaton, although Ripple has tried this before, now CNBC and other major channels will inevitably have to advertise XRP. The reason why the XRP price has not yet risen like ADA may be the ongoing lawsuit and uncertainty. With this news, XRP accompanied the decline of the crypto money industry, but this may be for a short time.
