Christine Brown, Robinhood Crypto’s first COO from April 2021 until March 2022, has recently suggested that the meme-inspired cryptocurrency Dogecoin ($DOGE) “does not get the credit it deserves” for helping further cryptocurrency adoption.
During a conversation with Decrypt on the platform’s gm podcast, Brown noted that Dogecoin “had a moment last year on Robinhood’s platform” and that a lot of people believed the platform supporting DOGE was a “bad thing for crypto overall” as it’s a meme coin.
As CryptoGlobe reported last year, search interest for DOGE exploded ahead of the cryptocurrency’s 10,000% rally that saw it hit a new all-time high near $0.75. The cryptocurrency has since lost most of its value, and is now trading at $0.056. To Brown, DOGE deserves more credit than what it has received , as it helped onboard new users into the cryptocurrency space. She said:
[Dogecoin] in a lot of ways does not get the credit it deserves for helping onboard people into the space.
Brown, who is now the COO of non-fungible token (NFT) startup Floor, noted that there are three main entry barriers to the cryptocurrency space: economics, education, and emotion. Buying crypto requires money and there are risks associated, while education remains a significant challenge, especially when it comes to self-custody.
To the former Robinhood executive, education will likely partly be handled with the development of new products in the space, which will make things easier for users. The emotional barrier, she said, is the “big one” of the three, as investors are held back by their understanding of the space.
Dogecoin, Brown said, added layers of fun and accessibility that eased buyers’ concerns. She said:
Dogecoin, at the time, made it really easy for people to be like, ‘Yeah, this is for me. It’s a coin with a dog on it, and I can start with $1, and I can just try it out and see what happens and dip my toe in and go from there.’
As reported, Dogecoin co-creator Billy Markus has recently suggested that the “simplest and best use case” for the cryptocurrency, in his opinion, is tipping, which means “spreading happiness over the internet.”
Early Bitcoin ($BTC) adopter and promoter Roger Ver, who for his work to help the early cryptocurrency community grow was at the time nicknamed “Bitcoin Jesus,” has recently defended the meme-inspired cryptocurrency is “significantly better” than BTC itself.
Ver, who is also the founder of Bitcoin.com, said in an interview he is a fan of the meme-inspired cryptocurrency because of its fast transaction times and low fees.
Featured image via Unsplash
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