Ripple CEO Brad Garlinghouse said he would not touch Dogecoin due to its inflationary nature
Ripple CEO Brad Garlinghouse took a swipe at Dogecoin during his recent appearance at the Fintech Abu Dhabi event, according to a Tuesday report by CNBC.
The former Yahoo executive said the Bitcoin parody, which launched in 2013 and was widely adopted in 2021, is not good for the cryptocurrency market:
I’m actually not convinced, somewhat controversially I guess, that Dogecoin is good for the crypto market.
Garlinghouse went on to mention that he would not hold the coin itself due to its “inflationary momentum.”
Unlike Bitcoin, which will only have 21 million coins in existence, Dogecoin’s supply is infinite.
While this makes the joke coin a pretty lousy store of value, supporters of Mark Cuban are convinced that this is the coin’s greatest virtue as it makes Dogecoin an efficient means of payment. Instead of hoarding their tokens, users will be incentivized to spend them.
Although he has been very critical of Bitcoin’s carbon footprint in the past, Garlinghouse admits that the largest cryptocurrency has gained a lot of popularity due to inflation issues.
After hitting $69,000 earlier this month, Bitcoin has retraced as low as $55,000.
Ripple will add 250 employees
Garlinghouse also revealed that Ripple is on track to add 250 employees globally despite legal issues in the United States.
He expects the company’s legal battle with the U.S. Securities and Exchange Commission to resolve in 2022.
The Ripple boss reiterated that the case was not just about his business:
Clearly, we’re seeing good questions asked by the judge. And I think the judge realizes that it’s not just about Ripple, it will have wider implications.
