Ripple co-founder launches $5 million campaign to change Bitcoin’s code to Proof of Stake
- Chris Larsen, the co-founder of payment giant Ripple, announced a $5 million plan to finance the “Change the Code” campaign.
- Greenpeace, alongside climate activist groups and Ripple’s co-founder, launched a campaign to alter Bitcoin’s power consumption.
- Ripple price prepares to break out of its downtrend as analysts predict a rally in XRP.
Ripple price started a rally in response to the news of a $5 million campaign to reduce Bitcoin’s power consumption. Chris Larsen, co-founder of Ripple, believes Bitcoin’s power consumption could match that of Japan in the next five years.
Ripple price rally begins as altcoin eyes $1
Ripple price is posting gains since the past week, offering investors a 5% profit on their investment over the past seven days. The payment giant’s co-founder Chris Larsen announced the launch of a new campaign to reduce Bitcoin’s power consumption and offered an environmentally friendly consensus model.
The campaign, “Change the code, not the climate,” is aimed at Bitcoin miners and industry leaders like Elon Musk and Jack Dorsey. A change in Bitcoin’s consensus model could reinvent mining through a low-energy protocol and reduce the asset’s negative impact on climate.
Greenpeace, an independent environmental global campaigning group headquartered in Amsterdam, has cited concerns regarding energy required to mine Bitcoin. Greenpeace halted BTC acceptance after accepting Bitcoin donations for seven years beginning 2014.
Greenpeace and Larsen are pushing for a fundamental shift in Bitcoin’s consensus mechanism. Larsen told Bloomberg that,
Now with Ethereum changing, Bitcoin really is the outlier. Some of the newer protocols, Solana and Cardano, are built on low energy.
Larsen revealed his Bitcoin and Ethereum holdings and insisted BTC take a sustainable path ahead.
Analysts have evaluated the Ripple price trend and predicted a rally in the altcoin. @Thecryptomist, a crypto analyst, identified a bullish ascending triangle in the Ripple price chart and predicted a continuation of the XRP rally.
$XRP
— The Cryptomist (@Thecryptomist) March 28, 2022
Posted this last week within is bullish ascending triangle.
Broken my downtrend resistance.
This looks ready to take off! pic.twitter.com/HDYMjhOcH7
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
