In Brief:
- Ripple’s CEO states that Dogecoin is not good for the cryptocurrency market.
- Dogecoin’s inflationary nature and infinite supply make him hesitant to hold it.
Brad Garlinghouse, CEO of the fintech firm Ripple, stated during a CNBC-moderated panel discussion at the Fintech Abu Dhabi event that he is skeptical of Dogecoin.
“I’m actually not convinced, somewhat controversially I guess, that dogecoin is good for the crypto market,” Garlinghouse stated during the event.
According to Garlinghouse, Dogecoin’s inflationary dynamics make him hesitant to hold the currency.
Global inflation is pushing bitcoin’s value upward, but has a warning for Dogecoin supporters, as stated by the Ripple CEO.
Garlinghouse added that rising inflation has boosted interest in cryptocurrencies and made bitcoin a potential inflation hedge.
But unlike bitcoin, Dogecoins have no hard restriction on their total supply, which sets them apart from some other popular cryptocurrencies.
It is now the tenth most valuable digital coin, with a market capitalization of about $30 billion.
Despite being highly positive about the crypto market, Garlinghouse didn’t forget to throw some shade against Dogecoin occasionally.
“It was built as a joke, then it got some momentum from some high-profile people like Elon Musk,” Garlinghouse added.
In agreement with Garlinghouse, it’s a fact that Elon Musk has always been supportive of Dogecoin. Recently when Binance experienced a network glitch and temporarily stopped Dogecoin withdrawals, Musk even called out the platform and tweeted in favor of the Dogecoin supporters.
