Thursday on CNBC’s “Squawk Box,” Joe Lonsdale, co-founder of multi-billion dollar global software company Palantir Technologies Inc. (NYSE: PLTR) said (h/t: Benzinga) there is a good chance Dogecoin (CRYPTO: DOGE) is going to be around for a while.
If Elon Musk, whose tweets have given the cryptocurrency major street cred in the tech-finance world, decides he wants to make Doge a currency on Mars, “I bet you he could do it,” Lonsdale said.
Elon Musk has been a long time supporter of Dogecoin. In July of last year, the Tesla (NASDAQ: TSLA) and SpaceX CEO shared a tweet suggesting that Doge could take over the global economy and become a reserve currency.
“It is inevitable,” he wrote.
It’s worth noting that there is a maximum of 5 billion added to the Dogecoin cap annually. That means we are dealing with a fixed inflationary currency that has a tendency to closely mimic real-world currency.
Musk has dubbed Dogecoin — a crypto inspired by a viral image of a Shiba Inu dog — “People’s crypto, saying one doesn’t need to be “a gigachad to own” it.
Drawing attention to Doge’s no hard cap and 2% annual growth rate, Lonsdale said that there’s nothing irrational about a slow-growing cryptocurrency.
“I don’t think it’s as crazy as it sounds,” Lonsdale told CNBC. He followed that up by smilingly saying, “Even though it is dog money.”
Price Action
Dogecoin traded 7.28% lower at $0.58 at press time on Thursday. The crypto is down 9.29% from $0.67 in the last 24 hours. At the start of the year, Doge was trading at just under $0.0048.
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