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PALMER: I - that's - I think I wouldn't change creating it. I think in a way, Dogecoin acts, for many people - you know, I've had several people that have come up to me and said, look; Dogecoin was the first thing that got me into cryptocurrency. And because of it, I have a reality check on the whole space, and that makes me feel good because they came in. They understood how it worked, and then it gave them the context that if this thing with a dog on it can, like, pump in price by 10X (ph) one day, they're like, yeah, this whole thing is crazy, right? What Is an Altcoin? The list includes the creator of Dogecoin, Jackson Palmer, Mark Cuban, Ashton Kutcher, Snoop Dogg, and Elon Musk. This is a who’s who of the Dogecoin rich list. However, because of the large amount of Dogecoin available, it’s not a concern.
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To their proponents, cryptocurrencies are a democratizing force, wresting the power of money creation and control from central banks and Wall Street. Critics, however, say that a lack of regulation for cryptocurrencies empowers criminal groups, terrorist organizations, and rogue states, while the assets themselves stoke inequality, suffer from drastic market volatility, and consume vast amounts of electricity. Regulations vary considerably around the world, with some governments embracing cryptocurrencies and others banning or limiting their use. As of February 2023, 114 countries, including the United States, are considering introducing their own central bank digital currencies (CBDCs) to compete with the cryptocurrency boom. Explore the power of digital assets As a result of the number of people who need PPEs coupled with the buzz around the coin, there is going to be a huge spike in the number of people using DOGE to pay for supplies and help protect thousands of citizens from contracting the virus.
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We recently launched the BitGo Go Network, which is really the first big attempt by anyone in the market to try to solve market structure. You can try to mandate it, I suppose, and have regulators come in and say it has to exist, but so far, none of those have been able to work. But this is really the first true attempt to start to separate a way. You’ve got trading and you’ve got custody—very different skill sets, very different risk profiles—it’s very important to have checks and balances between these two different parties so we can have strong markets and that everybody else can invest without having to worry about someone taking their money. Dogecoin Price In the early stages of a technology or an asset class, in this case, I would expect higher volatility in that new asset class simply because it’s not big enough. It’s not plumbed into enough markets. The market efficiencies that you see in other markets haven’t fully been built yet. It is hard to use. Regulations are unclear. People are still trying to figure out how it’s going to work. So it’s going to see higher highs, and it’s going to see lower lows. I think this is just a general market problem. And I think the U.S. is going to have to solve its monetary policy issues—and nobody knows how to solve those yet—in order to help make the overall markets better.
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