Brad Garlinghouse says Dogecoin (DOGE) is bad for the crypto space

Ripple CEO Brad Garlinghouse believes the rising inflation will help foster more growth in crypto. He shared his thoughts during the Fintech Abu Dhabi event earlier today, noting that inflation has seen cryptos become more popular. Garlinghouse gave an example of how Bitcoin (BTC/USD) has become an inflation hedge.

In his speech, the Ripple executive said he is bullish on the long-term performance of crypto. However, he was quick to point out that not all digital currencies are worth investing in.

Specifically, he said he is not convinced Dogecoin (DOGE/USD) is good for the crypto market. According to him, the coin’s developers created it as a joke before it got some momentum from high-profile personalities like Elon Musk.

Garlinghouse further noted that DOGE has some inflationary dynamics that would make him reluctant to hold it. For instance, he pointed out that the meme coin does not have a hard limit on its maximum supply. This feature makes it different from other leading cryptos, which have a specified supply limit.

His sentiments come as DOGE stages recovery after trading as low as $0.2155 (£0.16) earlier today. At the time of writing, DOGE is changing hands at $0.2324 (£0.17) after gaining 3.70% over the past 24 hours. The token is the 10^th-largest crypto by capitalization, with a market cap of $30,846,176,101.00 (£23,074,636,263.23).

BTC is bullish in the long term

According to Garlinghouse, BTC has a lot of momentum. He pointed out that the cryptocurrency has a market cap of almost $1.1 trillion after getting increased adoption from institutional investors and obtaining mainstream use cases through the COVID-19 pandemic.

Garlinghouse went on to tout BTC, saying,

His bullish outlook comes as BTC continues trying to recover from the losses it incurred after falling from its November 10 ATH of $68,789.63 (£51,490.07). At the time of writing, BTC is down 1.58% in the day to change hands at $57,248.14 (£42,851.09).

Ripple’s expansion plans continue despite the ongoing SEC suit

This news comes after Ripple set up a new office in the Dubai International Financial Center. The company seeks to hire 250 staff to run this office. Ripple also plans to join hands with the Pyypl, a Dubai-based startup, to foster cross-border payments by tapping into the remittance corridor between the UAE and Saudi Arabia, which handles approximately $78.00 billion (£58.40 billion) each year.

Commenting on Ripple’s growth, Garlinghouse said 2021 has been a gangbuster year for the firm despite its ongoing case with the SEC. He added that it is a shame that the US, which helped the internet morph into its current state, is falling behind regarding crypto adoption.