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Author Topic: Hot news today! Ripple boss calls Elon Musk's Dogecoin a joke  (Read 39 times)
Tgk_khan
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November 26, 2021, 12:02:39 PM
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Crypto, which was launched based on a viral meme in 2013 from a Shiba Inu dog, is still one of the digital coins of choice for investors, even though Dogecoin itself already has competitors.

However, some people considered that digital coins that were formed as a counter and a joke to show bitcoin at that time were considered not very good for the survival of a healthy crypto market.

This was echoed by the CEO of fintech firm Ripple, Brad Garlinghouse, in which he warned investors tracking Dogecoin.


"Actually I'm not sure and I also find it a bit controversial that Dogecoin is good for the crypto market," Garlinghouse said in a panel discussion moderated by CNBC at one of the Fintech events in Abu Dhabi that aired last Tuesday (11/23/2021).



Garlinghouse considers that dogecoin is often 'pumped' by several parties including Elon Musk, so the upward momentum is not a natural and healthy thing.

"It was built as a joke, then it got momentum from some famous people like Elon Musk," Garlinghouse said, quoted by CNBC International.

"Dogecoin has some inflationary dynamics that I'm reluctant to hold on to," he added.

Dogecoin, the cryptocurrency based on the viral internet meme of the Shiba Inu dog in 2013, now has a market cap of US$29 billion.

In terms of supply, Dogecoin has no supply limit aka infinity. Unlike bitcoin which has a limited supply, so the competition to get it can be healthier.

This makes Dogecoin look different from other cryptocurrencies, which of course have limited supply.

Garlinghouse, who is also closely associated with digital asset XRP, said that rising inflation has accelerated investor interest in cryptocurrencies and made bitcoin an inflation hedge.

"When people worry about holding fiat currency that might increase and it's likely to devalue, they see: 'How can I hold another asset that won't have the same inflation dynamics?'."

Bitcoin briefly hit a new all-time high of nearly $69,000 per coin in early November.

Even though bitcoin is currently trading below the $60,000 level, its annual rate of return has outpaced the returns of other hedged assets against inflation, such as gold, which is seen as a hedge against purchasing power as long as inflation remains high.

"Obviously unlike dogecoin, bitcoin has a lot more momentum," Garlinghouse said.

"I think if you look back and look far ahead ... this is real technology that is fundamentally reworking the way our financial infrastructure works and I'm very optimistic about bitcoin in the long term," Garlinghouse added.
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November 26, 2021, 01:48:02 PM
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bitcoin is different from memecoin in that it is certain and has more of a future than memecoin which is actually not clear about its use and use for its sustainability in the future. it's just that memecoins such as doge and shiba are some whose value trends have been controlled by them with a fomo and issue This is proven by seeing price movements that tend to make their own way when real crypto follows the normal bitcoin trend

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