Ripple CEO says Dogecoin is bad for the cryptocurrency market

Ripple CEO Brad Garlinghouse (Brad Garlinghouse) said Blazing inflation It is creating a “tailwind” for the Bitcoin and crypto industry, but a warning is issued to those who track the meme token Dogecoin.

Garlinghouse said in a panel discussion hosted by CNBC at the Fintech Abu Dhabi event aired on Tuesday: “I actually don’t believe it. I guess it’s a bit controversial. Dogecoin is good for the cryptocurrency market.”

DogecoinThe cryptocurrency based on the Shiba Inu virus network meme that started as a joke in 2013 has a market value of 88 billion U.S. dollars in May this year.

According to data from the industry website CoinMarketCap, it is now the 10th largest digital coin with a market value of nearly US$30 billion.

“It was built as a joke, and then it got some momentum from some famous people, such as Elon Musk,” Garlinghouse said.

“Dogecoin itself has some inflationary dynamics, which makes me reluctant to hold it,” he added.

There is no hard limit to the total supply of Dogecoin, which makes it different from some other well-known cryptocurrencies.

Garlinghouse, CEO of Ripple, a fintech company that issues XRP digital assets, stated that rising inflation has accelerated people’s interest in cryptocurrencies and made Bitcoin a Inflation hedge.

Garlinghouse said: “We have seen inflation that we have not seen in decades.”

“When people worry about holding a fiat currency that may be inflated and depreciating, they think:’How can I hold other assets that don’t have the same inflationary dynamics?'”

Bitcoin hit a record high of nearly $69,000 per token at the beginning of November.Although it fell below 60,000 USD in the last few days, Its year-to-date return even exceeded the most Traditional inflation hedge, Such as gold, is seen as a protector of purchasing power during periods of persistently high inflation.

“Bitcoin has a lot of momentum,” Garlinghouse said.As of November, the leading market value of the largest digital token is close to $1.1 trillion and has seen Increase institutional adoption with More mainstream real-world use cases Through the epidemic.

Garlinghouse added: “I think if you take a step back and look at the long-term… these are real technologies. They fundamentally change the way our financial infrastructure works. I am very optimistic and optimistic about the long-term prospects. .”

Middle East Focus

Ripple recently opened a new office in the Dubai International Financial Center and plans to hire 250 employees. It also said it will cooperate with Dubai-based startup Pyypl to enable cross-border payments and access to the remittance channel between the UAE and the UAE.Saudi Arabia, worth it It is estimated at 78 billion U.S. dollars per year.

“For Ripple, this has been a sensational year,” Garlinghouse said, even though the SEC is investigating The status of its XRP digital token.

Garlinghouse said that the Middle East is one of Ripple’s fastest-growing markets because he called the lack of “clarity” by US regulators.

Garlinghouse said: “Unfortunately, the world’s largest economy has indeed helped to promote the Internet as we know it today…really lagging behind,” while praising countries such as the UAE, Japan, Singapore, and Switzerland for their performance in the following areas Leading role in the supervision of the encryption industry.

“We hope to add approximately 250 employees, more than half of which will be outside the United States,” he said.

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