Ripple CEO Brad Garlinghouse made striking statements about cryptocurrencies at the Fintech Abu Dhabi event he attended.
Stating that cryptocurrencies have become even more popular thanks to rising inflation, Ripple CEO stated that cryptocurrencies, especially Bitcoin, have become a means of protection from inflation.
Garlinghouse, who opened up his thoughts on cryptocurrencies, said that not all cryptocurrencies are good for the market, citing Dogecoin as an example.
Stating that Dogecoin was created just as a joke before it was supported by well-known people like Elon Musk, Ripple CEO continued:
“I am actually not convinced that Dogecoin is good for the cryptocurrency market. It gained momentum thanks to high-profile people like Elon Musk. It has some inflationary dynamics that will make me reluctant to hold Dogecoin.”
Garlinghouse noted that there is no hard limit on the supply of Dogecoin, and in this respect, Dogecoin is very different from some major cryptocurrencies, such as Bitcoin, whose supply is limited to 21 million coins.
Finally, referring to the ongoing XRP lawsuit between the Ripple company and the SEC, the famous CEO said that he expects the legal battle with the SEC to end in 2022.
Although Ripple CEO Brad Garlinghouse says that he is skeptical of Dogecoin, it continues to be supported and accepted by institutional companies and well-known people in the crypto market such as Elon Musk and Mark Cuban.
*Not an investment recommendation.