Ripple boss: Dogecoin is not good for the crypto market
In the meantime, every second thought leader in cryptocurrencies has spoken out about Dogecoin, the leader of the meme coin movement. Brad Garlinghouse, CEO of Ripple Labs, is among the group of those who are not convinced that Dogecoin is a good thing for the market, despite the fact that the coin is among the most popular tokens in Google search and endorsed by celebrities like Elon Musk will.
Garlinghouse, who along with Ripple and Chris Larsen are indicted by the SEC for violations of securities law, spoke today during a panel at the Fintech Abu Dhabi event. He’s not the first to criticize the controversial meme coin . Several other leaders have complained about the lack of utility of Dogecoin, and rightly so because there are no concrete uses. Charles Hoskinson rode one of the most devastating attacks on Dogecoin a few months ago, and Grayscale’s Barry Silbert did the same .
“The Dogecoin was developed as a joke and then got a boost from some celebrities like Elon Musk. Dogecoin has inflationary momentum that would make me hesitate to keep it. “
Even so, DOGE is still one of the largest cryptocurrencies in the world. With a market capitalization of over $ 30 billion, it currently ranks 10th, higher than Terra Luna, Uniswap, Polygon, Chainlink and Avalanche, but each of which has multiple uses. As we reported, Doge is even more popular than Bitcoin in Google searches in the US.
Ripple CEO: Bitcoin is reshaping the financial system
Although he’s not a fan of Dogecoin, Ripple boss Garlinghouse is optimistic about Bitcoin. He sees the increase to $ 70,000 as an expression of the inflation that the world economy is experiencing. People see Bitcoin as an “inflation hedge du jour”.
“We are experiencing inflation the likes of which we have not seen in decades. When people worry about holding a fiat currency that is bloating and devaluing, they think, “How can I hold other assets that are not showing the same inflationary dynamics?” “
Garlinghouse believes there are several other cryptocurrency projects out there that are making real change. These projects fought against a system that had been printing irresponsibly for decades, but changing a system was never easy.
“I think if you take a step back and take a long-term perspective … these are real technologies that are fundamentally reshaping our financial infrastructure, and I’m very optimistic about the longer-term horizon.”