Ripple CEO Brad Garlinghouse has said Dogecoin (DOGE) is “not good” for the overall sustainability of the sector.
While Garlinghouse admitted that DOGE has been driving a crypto boom of its own, he still expressed doubt over whether the meme coin is good for the sector, during the Fintech Abu Dhabi expo on Tuesday.
Garlinghouse argued that the coin was build as a mockery of the sector and then endorsed by prominent entrepreneurs such as Elon Musk. He said that DOGE has some “inflationary dynamics” that made him loath to hold the token on his investment portfolio.
Garlinghouse admitted that the rising inflation across the world has forced many people into opting out of traditional financial mechanisms and trying to store at least a part of their savings in an alternative currency.
He similarly noted that Bitcoin has a lot of momentum, making it a first-choice option to counterweight any inflationary processes in the world economics.
“I think if you step back and take a long view … these are real technologies that are fundamentally reworking how our financial infrastructure works and I’m very bullish and very optimistic about what the longer-term horizon looks like”, he added.
Garlinghouse didn’t miss the chance to take a swing at the US Securities and Exchange Commission which has been investigating Ripple Labs over the unregistered securities offering of XRP tokens. The company has denied the allegations and is currently in a legal battle to prove its innocence.