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.”
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.