Ripple CEO Brad Garlinghouse would not touch Dogecoin because of its inflationary nature
According to a Tuesday report by CNBC, at the Fintech Abu Dhabi event, the CEO of Ripple, the company behind the XRP, is not a fan of Dogecoin (DOGE).
Ripple CEO slams Dogecoin
Garlinghouse believes that DOGE is not good for the crypto market due to its alleged inflationary dynamics and unlimited supply. He said that the Bitcoin parody is not good for the cryptocurrency market.
“I’m actually not convinced, somewhat controversially I guess, that Dogecoin is good for the crypto market”, he stated.
Global inflation is driving Bitcoin prices higher but there is a word of warning for Dogecoin fans. “Dogecoin has some inflationary dynamics itself that would make me reluctant to hold it,” the Ripple CEO said.
Garlinghouse noted that Dogecoin has no hard limit on the total supply of coins in circulation, which makes it very different from some major cryptocurrencies such as Bitcoin, which is capped at 21 million coins.
“It was built as a joke, then it got some momentum from some high-profile people like Elon Musk,” Garlinghouse added.
My personal views on dogecoin aside 😉 I think there will be many winners in this industry. I’m bullish on overall crypto momentum for 2022 w/ regulatory clarity and progress in the UK, Singapore, UAE, Japan and others. 2/2 https://t.co/D42UX3dm4m
— Brad Garlinghouse (@bgarlinghouse) November 23, 2021
Despite being skeptical about DOGE, Garlinghouse is still optimistic about the cryptocurrency market in general.
DOGE has emerged as one of the most successful cryptocurrencies of 2021, making it to the list of the 10 largest cryptocurrencies by market capitalization earlier this year. At the time of writing, DOGE is the 10th most valuable digital coin, trading at $0.22, up more than 6,000% over the past year.
Much of Dogecoin’s success is clearly attributed to the endorsement of Tesla CEO Elon Musk, who began actively promoting DOGE on Twitter in 2020.
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