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The World Economic Forum’s annual meeting in Davos last week saw a heated discussion on the cryptocurrency industry’s need for precise regulation, leading to a dismissive view of meme coins, particularly Dogecoin (DOGE). Ripple Labs CEO Brad Garlinghouse joined the chorus of skeptics, expressing doubt about the utility of Dogecoin and naming Elon Musk as the “central actor” in its market dynamics.
During the panel discussion titled “Clear-Eyed About Crypto,” Garlinghouse voiced his skepticism, stating, “I don’t get it,” in reference to “unregulated cryptocurrencies.” He further questioned the purpose of Dogecoin, emphasizing his inability to see its utility. Garlinghouse’s remarks echoed the sentiments of the panel, which concluded that the industry requires more precise regulation.
Responding to Garlinghouse’s comments, Dogecoin cofounder Billy Markus, also known as Shibetoshi Nakamoto, took to X (formerly Twitter) to defend Dogecoin. Markus compared Dogecoin to Bitcoin (BTC), highlighting their fundamental similarities with minor variations. He went on to draw a humorous analogy, suggesting that it is akin to saying, “I totally get the euro, but the yen is nonsense.”
Dogecoin’s potential utility
Notably, Dogecoin experienced a 14% surge in its price on Sunday. The surge followed the announcement of a specialized payment account represented by the username @Xpayments on X. The platform’s owner Elon Musk has shown commitment to this venture, which was evident through the acquisition of licenses for money operations in multiple U.S. states.
Reports suggest that X is gearing up to introduce peer-to-peer payments, with Musk hinting at potential public availability by mid-2024. This development adds an interesting dimension to the ongoing debate, as Dogecoin’s price surge coincides with Elon Musk’s active involvement in a project related to X payments.
Overall, the clash of opinions between Garlinghouse and Markus highlights the diversity of perspectives within the cryptocurrency community. As the industry continues to evolve, debates around the utility and regulation of different cryptocurrencies are likely to intensify, shaping the future landscape of the digital asset space.