Brad Garlinghouse doesn’t think DOGE is good for crypto markets. The CEO of Ripple Labs outlines his reasons for not holding the meme asset Dogecoin (DOGE).
In one interview Brad Garlinghouse, a new signing at CNBC, said he doesn’t think DOGE is good for the crypto market, pointing to the coin’s inflationary dynamics as a key issue.
“I’m actually not convinced, somewhat controversial, that Dogecoin is good for the crypto market. It was built as a joke, then got some pep from some celebrities like Elon Musk.
Dogecoin itself has some inflationary dynamics that lead me not to hold onto it. “
With inflation at multi-year highs in the US, Garlinghouse believes real estate with inflation mechanisms built in will do well as consumers look for assets that, due to their scarcity, have the potential to increase in value.
“Inflation is at a level we haven’t seen in decades. When people worry about holding a fiat that could be inflationary and depreciating in value, they ask themselves, “How can I hold other assets that are not experiencing the same inflationary dynamics?”
Although Dogecoin does not specify a maximum supply in circulation, it is capped at 5 billion new DOGE per year.
DOGE is trading at $ 0.21 at press time, almost 30% less than a 30-day high of $ 0.33.
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