Ripple CEO Brad Garlinghouse slapped Dogecoin (DOGE) during the last appearance of the Fintech Abu Dhabi event, according to a report by CNBC on Tuesday. For details of the news cryptocoin.com keep reading.
Ripple CEO not convinced that Dogecoin (DOGE) is good for crypto market
The former Yahoo executive says that the Bitcoin parody, which was launched in 2013 and widely adopted in 2021, is not good for the cryptocurrency market:
In fact, I am not convinced that Dogecoin is good for the crypto market, albeit somewhat controversially.
Brad Garlinghouse says he will not hold the meme coin due to its “inflationary dynamics”. According to the Ripple CEO, unlike Bitcoin, which only has 21 million tokens, the supply of Dogecoin (DOGE) is endless, making the meme coin a pretty lousy store of value. Advocates like Mark Cuban, on the other hand, are convinced that it is crypto’s most virtue, as it makes Dogecoin a successful means of payment. In other words, users will be interested in spending their tokens rather than accumulating them.
Despite being highly critical of Bitcoin’s carbon footprint in the past, Brad Garlinghouse acknowledges that the leading cryptocurrency has gained a lot of traction amid inflation concerns. Meanwhile, after hitting $69,000 earlier this month, Bitcoin slumped as low as $55,000.
Brad Garlinghouse also revealed that Ripple is on track to recruit 250 employees globally, despite its legal problems in the US. The Ripple CEO expects the company’s legal battle with the US Securities and Exchange Commission (SEC) to be resolved in 2022. The Ripple boss reiterates that the case is not just about his company:
Frankly, we see the good questions asked by the judge. And I think the judge understands that it’s not just about Ripple, it’s going to have broader ramifications.
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