Dogecoin has continued to hold its value despite numerous declines and has often led the argument for what truly constitutes a valuable asset in the cryptocurrency market. The meme coin had paved the way for others like it to shine, but that spotlight hasn't always been a good one. However, the community support behind the pioneering meme coin has not wavered.
Tony Richards, an official at the Reserve Bank of Australia, has criticized the meme coin recently. In what could only be described as a "loose cannon" moment, Dogecoin received some criticism from Richards when making your case against cryptocurrencies.
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In Australia, Dogecoin is quite popular, with 4.1% of the population said to have the meme currency. Sentiments towards cryptocurrencies, in general, are particularly positive, with polls showing that crypto gifts are becoming more and more common in the country.
Crypto is not a threat
In an online conference on Thursday, Richards had pointed out that cryptocurrencies did not pose a threat to the Australian dollar or monetary sovereignty and the Reserve Bank's ability to conduct monetary policy.
Acknowledging the growing popularity of cryptocurrencies in the country, the Reserve Bank official pointed to their lack of daily use as an argument against adoption. "I don't see stores that publish their prices in cryptocurrencies or companies that do their annual reports in cryptocurrencies or many people who want to be paid in cryptocurrencies," Richards said.
Doge price still trending around $0.2 | Source: DOGEUSD on TradingView.com
However, Dr. Richards did not rule out the fact that there were people who thought that cryptocurrencies would play an important role in the future. But he adds that much of the market, and indeed the world, is still very skeptical about the cryptocurrency market and the technologies that come out of it.
How does Dogecoin fit into the argument?
Richards used the growth of coins like Dogecoin, which seem to have no use case outside of memes that gain so much value in such a short time. He explained that the growth of the meme coin market illustrates the recent cryptocurrency boom, noting that a cryptocurrency that had started as a joke with no utility to speak of had grown to a market capitalization of $ 88 billion.
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As for surveys that have pointed to the rapid adoption of cryptocurrencies in the country, Richards mentioned that these findings were implausible. Most of them did not include important segments of the population such as the elderly and were conducted online, excluding those who lived in rural areas and did not have regular Internet access.
Richards noted that "while cryptocurrencies have clearly captured the attention of many, no doubt driven by influencers and celebrity tweets, it is unclear how widely spread they are."
However, the Reserve Bank official revealed that he had a crypto wallet that he had had since 2014, stating that "part of my job is trying to understand new payment instruments and technologies." Adding that the Reserve Bank of Australia will work over the next few years to ensure that citizens have access to secure forms of money that they can trust.
Featured image from CNBC, chart from TradingView.com
