The CEO of hedge fund management firm Three Arrows Capital says he is “very bullish” on dogecoin. Besides its affordability, accessibility, and name recognition that appeal to everyday investors, he believes that there is no risk of dogecoin ever having any regulatory issues.
Hedge Fund’s Executive Says He Is ‘Very Bullish’ on Dogecoin
The CEO of Three Arrows Capital, Su Zhu, talked about the meme cryptocurrency dogecoin on his Uncommon Core podcast released on Wednesday. Three Arrows Capital is a hedge fund management firm registered with the Monetary Authority of Singapore (MAS). Su co-founded the firm in 2012; he currently serves as its CEO and chief investment officer (CIO).
Su explained that he is very bullish on the meme cryptocurrency for various reasons including its affordability, accessibility, and name recognition appeal to everyday investors. He noted that anyone can own whole units of dogecoin and it can easily be transferred between people.
Asserting that “DOGE has actually four times the name brand recognition over ethereum in many communities in the U.S.,” Su detailed:
I’m very bullish on dogecoin … Its memes are simple. The man who drinks beer can understand it. The girl who posts selfies can understand it, and she can just put her money in it and outperform everybody.
“That virality of normies shilling normies is only happening on DOGE,” he claimed, adding that “It’s happening to a lesser extent on some other coins.”
The CEO proceeded to compare dogecoin to XRP, stating: “It reminds me of XRP of the previous cycle, but just better in every way because, one, there’s no foundation that has a ton of it. There’s no reliance on all elaborate banks using it for payments narrative. It is just clean. It is just simple.”
In addition, Su said: “It’s also a fair launch, by the way, so there’s no risk” of it ever being “deemed a security.” He emphasized:
There’s no risk of it having any regulatory issues ever.
Su then referenced Robinhood’s second-quarter earnings as evidence of dogecoin’s rising adoption. The popular stock-trading app reported that 62% of its crypto-trading revenue in Q2 was from dogecoin, and 41% of its overall revenue stemmed from crypto transactions.
The Three Arrows Capital CEO is not the only one who is keen on dogecoin. Shark Tank star and the owner of the NBA team Dallas Mavericks, Mark Cuban, has been touting dogecoin as a means of payment. Tesla CEO Elon Musk, sometimes known as the Dogefather, owns some DOGE and has been showing his support for the meme cryptocurrency.
Meanwhile, dogecoin’s popularity has recently grown significantly. A recent report by blockchain data platform Chainalysis shows that the coin’s adoption has reached record levels. In addition, both Musk and Cuban see dogecoin as the strongest crypto for payments.
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