- Despite the traction it gets, Brad Garlinghouse believes that Dogecoin is not entirely good for the market, says it suffers from the same inflationary pressure as fiat.
- He acknowledged Bitcoin’s momentum, saying that it’s rewiring a system that has existed for decades, which is not easy.
By now, every other cryptocurrency thought leader has shared his thoughts on Dogecoin, the leader of the meme coin movement. Brad Garlinghouse, the CEO of Ripple Labs, belongs to the group of those not convinced that Dogecoin is entirely a good thing for the market, despite being one of the most popular tokens by Google search and being supported by titans like Elon Musk.
Garlinghouse, who is charged with securities law violation by the SEC alongside Ripple and Chris Larsen, was speaking during a panel at the Fintech Abu Dhabi event today. On Dogecoin, he said:
I’m actually not convinced, somewhat controversially I guess, that dogecoin is good for the crypto market.
He’s not the first to criticize the controversial meme coin. Several other leaders have torn into Dogecoin’s lack of utility, and rightly so as it was created as a joke. Charle Hoskinson delivered one of the most scathing attacks on Dogecoin a few months back, and Grayscale’s Barry Silbert pulled no punches either.
Read More: Dogecoin is just a bubble and a mockery of crypto: Cardano founder
It was built as a joke, then it got some momentum from some high-profile people like Elon Musk. Dogecoin has some inflationary dynamics itself that would make me reluctant to hold it.
Despite the attack, DOGE is still one of the world’s largest cryptocurrencies. With a market cap of over $30 billion, it currently ranks 10th, higher than Terra Luna, Uniswap, Polygon, Chainlink and Avalanche, all of which have several demonstrated use cases.
As CNF reported, it’s also more popular than Bitcoin in the U.S by Google searches.
Read More: Dogecoin Google searches were double those for Bitcoin, study shows
Ripple CEO: Bitcoin redesigning the financial system
While not a fan of Dogecoin, Garlinghouse is bullish on Bitcoin. He views its rise to $70,000 as a reflection of the inflation that the global economy is witnessing. People view Bitcoin as ‘an inflation hedge du jour.’
We’re seeing inflation that we haven’t seen in decades. When people are concerned about holding a fiat currency that might be inflating, and that’s devaluing, they’re looking at: ‘How can I hold other assets that won’t have that same inflationary dynamic?’
Aside from Bitcoin, the Ripple CEO believes that there are several other cryptocurrency projects that are making a real change. These projects are fighting a system that has existed for several decades of irresponsible money printing, and changing a system is never easy.
I think if you step back and take a long view … these are real technologies that are fundamentally reworking how our financial infrastructure works and I’m very bullish and very optimistic about what the longer term horizon looks like.
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