October 25, 2021

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Like Dogecoin it is like a Cabbage Patch doll

Like Dogecoin it is like a Cabbage Patch doll

Brian Brooks, the new CEO of cryptocurrency exchange Binance, says it’s to be expected: Dogecoin is a lot of fun and maybe even a good investment, but it’s not the future. It’s a novelty rather than a potential financial market disruptor like bitcoin.

First Move’s Julia Chatterley spoke to Brooks on Wednesday.

How is dogecoin like a Cabbage Patch Kid?

Brooks: Here’s the funny thing when you have a market: there are all kinds of stocks that will ultimately not be useful and unsuccessful, and many go bankrupt. I’m not saying dogecoin will. It seems to be a novelty. But that’s not a sign that it powers a fundamental network like Ethereum. There are things that are truly changing the world. And the point about exchanges is to get everyone on the market so that customers can access the most useful ones.

What is Dogecoin?  As a joke it got hotter than bitcoin

And is this an exchange that is a ramp to a broader understanding?

Brooks: I think you’re right. And I think of exchanges as ramps that eventually won’t be needed in their current form five years from now. If you think of faxes or scanners, they were a funny kind of intermediate technology, where, in order to use a document on the Internet, you first had to print a piece of paper and sign it and then transfer it to the Internet using the scanner. But now we have docusigns and other tools to enable us to never leave the Internet. And I think finance will eventually migrate to the digital age and then we’ll be completely net-natives at that point just like we are for everything else.

And so are you saying that in five years Binance will no longer be needed?

Brooks: No, I guess what I’m saying is that by then these companies will be radically transformed into platform companies that provide services.