Monday, August 15

“Dogecoin is not good for the market,” says Ripple CEO


Brad Garlinghouse is a well-known name within the cryptomarket, the CEO of Ripple, a company that manages XRP does not appear to be confident in the potential of cryptocurrencies like Dogecoin, even warning investors who buy the asset.

According to CNBC Garlinghouse spoke about Bitcoin’s movement amid inflation and the entire cryptomarket in general during a panel discussion promoted by the channel in Abu Dhabi, however, he also took the opportunity to criticize the cryptocurrency meme Dogecoin, stating that it is not yet convinced with the project.

“I’m not convinced that Dogecoin is good for the cryptomarket.”, stated Brad during his participation on the panel.

Dogecoin

He justified his concern because of the dynamics of investing in Dogecoin and also because of all the pillars of cryptocurrency, which was born as a quasi-parody of Bitcoin, which gained value in an unnatural way, having its price influenced by celebrities and big names.

“It was created as a joke, so it gained some momentum from large profiles like Elon Musk.”

He also stated that he doesn’t trust Dogecoin’s inflationary dynamics, which in itself makes him worried about investing in the asset.

inflationary

For him, Dogecoin is not a good form of investment because of its continuous issuance, which is totally opposite to Bitcoin.

“Dogecoin has inflationary dynamics that, by itself, make me reluctant to be an investor.”

The difference between the two currencies is quite simple: Bitcoin has a limit of 21 million tokens, Dogecoin mining is infinite, as is state money that can be printed without limits.

In addition, he also spoke about Ripple’s recent plight, saying he believes the company will win the legal battle against the US Securities and Exchange Commission (SEC). The company even plans to increase its number of employees by 250 in the next few years.





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