Robinhood CEO Explains How Dogecoin Can Become the People’s Future Currency

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Robinhood CEO Vlad Tenev outlines how the first memecoin (Dogecoin) will become “the future currency of the internet and people.” Unlike many others who label DOGE an inflationary asset because of its unlimited supply, the executive believes that its inflation rate will actually decrease over time.

Can DOGE become “the people’s currency”?

American financial services firm Robinhood and the popular memecoin Dogecoin started interacting in 2018. At the time, the US-based company listed the asset on its platform, allowing clients to process it.

Last year’s craze around DOGE and its subsequent price surge worked in Robinhood’s favor. The organization revealed that meme-inspired tokens accounted for 62% of its cryptocurrency revenue in the second quarter of 2021.

More recently, Robinhood CEO Vlad Tenev has portrayed himself as a Dogecoin proponent. He even outlined how the DOGE token could be transformed into “the future currency of the Internet and people.”

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To reach such a state, he argues, block times should be fast enough so that transactions can be recorded in the next block “in less time than it would take to pay at the point of sale.” On the other hand, he stated that “it shouldn’t be so fast that miners start building too many competing chains and wasting too much energy.”

Dogecoin’s current block time is 1 minute, which is not ideal in his opinion. However, if the team reduces that time frame to 10 seconds, DOGE has a chance to grow further:

“DOGE needs to be able to significantly outperform Visa, which requires at least a 10,000x increase in throughput. Fortunately, this is easily solved by increasing the block size limit.”

Tenev also talked about the unlimited supply of Dogecoin, which according to many experts has an inflationary effect. Unlike those critics, Robinhood executives pointed out that memecoin has an inflation rate of no more than 5%, which means less inflation than the U.S. dollar. He thinks this will drop over time, estimating it will drop below 2%.

Robinhood Launches Shiba Inu

Earlier this week, the company listed another memecoin — Shiba Inu — on its trading platform. Robinhood Chief Brokerage Officer Steve Quirk commented on the effort:

“We are excited to add more options to our clients as we strive to make Robinhood the best place to invest in cryptocurrencies. As a safety-first company, we have a rigorous framework in place to help us evaluate listed assets, and we remain Committed to providing a secure and educational encryption platform.”

Minutes after the news broke, the price of the so-called DOGE killer SHIB surged by double digits to $0.000030. SHIB retraced nearly 13% over the next few days and is currently trading at $0.000026.

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