• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Picture of two Dogecoin crypto coins
Nexo

Australian Reserve Bank Official Says Crypto Is No Threat To Fiat, Disses Dogecoin

Best Owie by Best Owie
6 months ago
in Crypto News, Dogecoin
0

Dogecoin has continued to maintain its value despite numerous dips and has often led the argument of what really constitutes a valuable asset in the crypto market. The meme coin had paved the way for others like itself to shine but that spotlight has not always been good. Nevertheless, the community support behind the pioneer meme coin has not faltered.

Tony Richards, an Australian Reserve Bank official, has dissed the meme coin recently. In what could only be described as a “stray bullet” moment, Dogecoin had caught some flack from Richards when making his case against cryptocurrencies.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Related Reading | Shiba Inu Vs BabyDoge: Which Dog-Themed Coin Will Reach 1 Million Holders First?

In Australia, Dogecoin is quite popular, with 4.1% of the population said to hold the meme coin. Sentiments towards cryptocurrencies, in general, are particularly positive, with surveys showing that crypto gifts are becoming more common in the country.

Crypto Is Not A Threat

Speaking at an online conference on Thursday, Richards had pointed out that cryptocurrencies did not pose a threat to the Australian dollar or the monetary sovereignty and the Reserve Bank’s ability to conduct monetary policy.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Acknowledging the growing popularity of crypto in the country, the Reserve Bank official pointed to their lack of everyday use as an argument against adoption. “I can’t see shops posting their prices in cryptocurrencies or companies doing their annual reports in cryptocurrencies or lots of people wanting to get paid in cryptocurrencies,” Richards said.

Dogecoin price chart from TradingView.com

Doge price still trending around $0.2 | Source: DOGEUSD on TradingView.com

However, Dr. Richards did not discount the fact that there were people who thought crypto would play a significant role in the future. But he adds that much of the market, and indeed the world, are still very skeptical of the crypto market and the technologies coming out of it.

How Does Dogecoin Fit Into The Argument?

Richards used the growth of coins like Dogecoin which seem to have no use case outside of memes gaining so much value in such little time. He explained that the growth of the meme coin market illustrates the recent boom of cryptocurrencies, pointing out that a cryptocurrency that had begun as a joke with no utility to speak of had grown to a market cap of $88 billion.

Related Reading | Binance CEO Says Dogecoin Demonstrates The Power Of Decentralization

As for the surveys that have pointed to the rapid adoption of cryptocurrencies in the country, Richards mentioned that these findings were implausible. Most of them did not include important segments of the population like older people and were conducted online, excluding those who lived in rural areas and did not access the internet regularly.

Richards pointed out that “while cryptocurrencies have clearly captured the attention of many, no doubt fueled by influencers and celebrity tweets, it is unclear how widely held they are.”

The Reserve Bank official however revealed that he held a crypto wallet that he has had since 2014, stating that “part of my job is to try to understand new payment instruments and technologies.” Adding that the Reserve Bank of Australia will work in the coming years to make sure citizens have access to safe forms of money that they can trust.

Featured image from CNBC, chart from TradingView.com
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Best Owie

Best Owie

Related Posts

Crypto Scheme

US Congress Investigates Cawthorn Over Alleged Involvement In Crypto Scheme

58 mins ago
Crypto

Crypto Billionaire Says He May Shell Out $1 Billion On The 2024 U.S. Election

1 hour ago
StepN

StepN Explodes In Popularity, Native Token GMT Soars To $860 Million Market Cap

9 hours ago
Davos 2022: Billionaire Ray Dalio Calls The Blockchain Great; Says He Holds Bitcoin

Davos 2022: Billionaire Ray Dalio Calls The Blockchain Great; Says He Holds Bitcoin

12 hours ago
Luna Foundation Guard Under Fire, Korean Authorities Tells Exchanges To Freeze Assets

Luna Foundation Guard Under Fire, Korean Authorities Tells Exchanges To Freeze Assets

17 hours ago
Pharma Bro

‘Pharma Bro’ Martin Shkreli Traded Crypto Behind Bars – Here Are Some Reactions

23 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.