Dogecoin co-founder Billy Markus, also known as Shibetoshi Nakamoto, has responded to criticisms leveled by Ripple Labs CEO Brad Garlinghouse. This comes after Garlinghouse expressed skepticism about the utility of Dogecoin at the World Economic Forum’s annual meeting in Davos. The ongoing debate highlights the contrasting views within the cryptocurrency community.
Ripple CEO criticizes Dogecoin at Davos Forum
During a panel discussion titled “Clear-Eyed About Crypto” at the Davos Forum, Ripple Labs CEO Brad Garlinghouse raised concerns about the utility and regulation of unregulated cryptocurrencies, specifically targeting Dogecoin.
Garlinghouse, known for his straightforward approach, questioned the purpose of Dogecoin, stating, “I don’t get it.” He referred to Elon Musk as a “central actor” in Dogecoin’s market dynamics, underlining the meme coin’s dependency on celebrity influence. His remarks echoed the broader sentiment of the panel, which advocated for more precise regulation in the cryptocurrency industry.
In a swift response to Garlinghouse’s comments, Dogecoin co-founder Billy Markus took to X (formerly Twitter) to defend the cryptocurrency. Markus compared Dogecoin to Bitcoin, highlighting the fundamental similarities between the two, albeit with minor variations.
Using a humorous analogy, Markus likened the comparison of Dogecoin to Bitcoin to understanding the euro but dismissing the yen as nonsensical. His response underscores the ongoing debate regarding the legitimacy and utility of various cryptocurrencies, including meme coins like Dogecoin.
Recent surge in Dogecoin’s value amidst payment platform developments
Coinciding with these developments, Dogecoin witnessed a significant surge in its value, registering a 14% increase on Sunday. This spike in Dogecoin’s price followed the announcement of a specialized payment account, @Xpayments, on X. The platform’s owner, Elon Musk, has shown a strong commitment to this venture, demonstrated by acquiring licenses for money operations in several U.S. states.
With reports indicating that X is preparing to launch peer-to-peer payments and Musk hinting at its potential public availability by mid-2024, Dogecoin’s recent price surge seems intertwined with these advancements. This adds a new dimension to the debate over the cryptocurrency’s utility and the influence of market dynamics driven by high-profile figures like Musk.