At the recently held annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, Brad Garlinghouse, CEO of Ripple, commented on memecoin Dogecoin (DOGE) as a member of a panel, stressing that he has yet to discover its use-case.
Ripple CEO on usefulness of Dogecoin
Garlinghouse expressed scepticism about DOGE's usage scenarios, adding that he does not see the coin's utility and purpose. Moreover, he pointed to Tesla boss Elon Musk as the central player in the memecoin market, which in turn has contributed to the token's popularity in the crypto ecosystem.
In response to Garlinhouse's statement, Dogecoin co-founder Billy Markus, popularly known on X as Shibetoshi Nakamoto, compared DOGE to BTC. For Markus, there are only a few minor variations that make DOGE different from the largest cryptocurrency in terms of market capitalisation. He said the following:
"The super stupid thing about this is that Dogecoin is essentially the same as Bitcoin, with slightly different parameters and a dog mascot."
He further criticised Garlinhouse's comment by equating it with gaining an understanding of the euro and saying the yen is nonsense. According to Markus, these were "just little brains pretending to be smart".
In a more recent post, the Ripple CEO revealed that he is not leaving it at that, however, as he decided to hit back with yet another comparison.
The analogy between the USD and the Zimbabwean dollar
Initially acknowledging Markus' contradiction, he stated that he understood the point he was making with the analogy of the euro and the yen. He even claimed to agree in some respects, but suggested that a better scenario would be comparing the US dollar with the Zimbabwean dollar. Both currencies share the same title but are not the same in terms of value and usage scenarios.
The USD is one of the globally recognised standards in terms of national currency and is widely accepted by many traders. Remarkably, unlike the Zimbabwe dollar, the USD is used as the global reserve currency for cross-border transactions. Taking this back to Bitcoin and DOGE, this was Garlinhouse's way of saying that Bitcoin's utility is greater than that of Dogecoin.
The latest response from Ripple's CEO seems to have hit Markus, as he eventually decided to remove the post in which he initially made the comparisons.