How Dogecoin is sort of a Cabbage Patch Doll

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Brian Brooks, the new CEO of crypto exchange Binance, says that’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 Wednesday.

How is dogecoin like a Cabbage Patch Kid?

Brooks: Here is the funny thing when you have a market: There are all kinds of stocks that ultimately won’t be useful and won’t succeed and many go to bankruptcy. I’m not saying that dogecoin will do that. It seems to be a novelty item. But it is not a token that is powering a fundamental network like ethereum is. There are things that are really changing the world. And the point about exchanges is to bring about all of those to the market so that customers can access which ones are most useful.

What is Dogecoin? How a joke became hotter than bitcoin

And is it about an exchange being an on-ramp for a broader understanding?

Brooks: I think that you have it right. And I think about exchanges as…

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