The CEO of Ripple, the company behind the XRP cryptocurrency, not a fan of the meme-based digital currency Dogecoin (DOGE).
Brad Garlinghouse believes that DOGE is not good for the cryptocurrency market due to its alleged "inflationary dynamics" and unlimited supply.
Global inflation is driving Bitcoin (BTC) higher price, but has a warning for Dogecoin fans, Garlinghouse argument on a panel moderated by CNBC at the Fintech Abu Dhabi event on Tuesday.
“Actually, I'm not convinced, I guess somewhat controversially, that Dogecoin is good for the crypto market. Dogecoin has an inflationary dynamic in its own right that would make me reluctant to maintain it, ”said Ripple's CEO.
Garlinghouse noted that Dogecoin does not have a strict cap on the total supply of coins in circulation, which makes it very different from some of the major cryptocurrencies like Bitcoin. which has a limit of 21 million coins.
"It was built as a joke, then got a boost from some high-profile people like Elon Musk," Garlinghouse added.
Despite being skeptical of DOGE, Garlinghouse remains bullish on the crypto market in general.
My personal opinions on dogecoin aside;) I think there will be a lot of winners in this industry. I'm bullish on the general crypto momentum for 2022 with regulatory clarity and progress in the UK, Singapore, UAE, Japan, and others. 2/2 https://t.co/D42UX3dm4m
- Brad Garlinghouse (@bgarlinghouse) November 23, 2021
Dogecoin is a cryptocurrency based on the Shiba Inu meme that was launched as a joke in 2013. The digital currency started with a supply limit of 100 billion coins, which reached mid-2015. Since then, Dogecoin has been switched to provide an uncapped supply while simultaneously limiting a 10,000 DOGE reward per block to keep inflation under control.
DOGE has become one of the most successful cryptocurrencies in 2021, entering the list of the top 10 largest cryptocurrencies by market capitalization earlier this year. As of this writing, DOGE is the 10th most valued digital currency, Commerce at $ 0.22, more than 6,000% over the past year.
Much of Dogecoin's success has apparently been associated with the endorsement of Tesla CEO Elon Musk, who began to actively promote DOGE on Twitter in 2020.
Related: Tesla hints that it may soon resume support for crypto payments
Musk has continued to tweet a lot about DOGE recently, raising issues related to Dogecoin withdrawals on Binance directly to the exchange CEO Changpeng Zhao on November 22. According to Binance, the ongoing issue was caused by a "glitch during the recent update process that caused old transactions to be resent to 1,674 users."
The CEO said that he does not use Binance even though he tried the exchange at one point "but signing up was too much of a hurdle to jump over."
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