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Dogecoin is not good for the crypto market, Ripple CEO says


Brad Garlinghouse is the Ripple CEO red hot inflationThis is creating “tailwinds” in bitcoin and crypto, but there’s a caution for anyone following the dogecoin meme token. 

Garlinghouse said that “I am not really convinced” (somewhat controversially) that dogecoin was good for crypto markets. This statement was made during a CNBC-moderated discussion held at Fintech Abu Dhabi, Tuesday.

DogecoinA cryptocurrency called, which was inspired by a popular internet meme featuring a Shiba Inu puppy dog and started in 2013 as a joke, had a market capitalization of as much as $88 Billion in May 2014. 

According to CoinMarketCap.com, the digital coin is currently the 10th-largest with a market worth of nearly $30 billion.

It was originally built to be a joke and then gained momentum thanks to high-profile individuals like Elon MuskGarlinghouse stated, 

He added that “Dogecoin’s inflationary dynamics would make me hesitant to keep it.”

The total supply of Dogecoins is unlimited, so it’s not like other prominent crypto currencies.

Garlinghouse (CEO of Ripple), a fintech company that issues digital assets XRP, stated that increasing inflation had accelerated bitcoin’s popularity and led to an increase in interest. inflation hedge-du-jour.

Garlinghouse stated, “We are seeing inflation like we haven’t seen in decades.” 

When people worry about the inflation of fiat currencies, or devaluing them, they look for other ways to hold these assets.

Bitcoin reached an all-time record of almost $69,000 per token in November. Despite falling below $60,000 in recent daysThe year-to-date returns have outpaced those of the best. traditional hedges against inflationIn times of sustained high inflation, gold is used as a reserver for purchasing power.

Garlinghouse declared that Bitcoin is gaining momentum. According to Garlinghouse, the leading digital coin market was worth nearly $1.1 trillion at November. increased institutional adoptionAnd more mainstream real-world use casesThrough the pandemic.

Garlinghouse stated, “I think you need to take a longer view and see these real technologies as fundamentally reworking our financial infrastructure. And I’m bullish and optimistic about the longer term outlook.”

Middle East focused

Ripple recently opened an office at the Dubai International Financial Center. It plans to hire 250 employees. Ripple also announced that it will partner with Pyypl, a Dubai-based startup, to facilitate cross-border payments. The partnership would allow for access to the remittance corridor linking the UAE to Saudi Arabia. estimated $78 billion a year.

Garlinghouse stated that “it has been a very busy year for Ripple,” despite the ongoing SEC investigation. status of its XRP digital token. 

Garlinghouse claimed that Ripple was growing rapidly in the Middle East, despite the lack of clarity provided by regulators in America.

Garlinghouse expressed regret that “the largest economy in world that helped to catalyze internet as we know today… is now really falling behind”, while also praising the UAE and Japan for leading the way on regulation of crypto-related issues.

He said, “We are looking to hire about 250 people and over half will be from abroad.”

Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.