Robinhood CEO Claims Dogecoin Can be the Future of Currency

Robinhood CEO Vlad Tenev speculated on Twitter about the potential of Dogecoin as a future currency and envisioned how the meme token could compete with payment giants like Visa.

Dogecoin's block time, or the time it takes to add a new transaction validation to add new blocks to the blockchain, should be faster than it is now, Tenev explained in a Twitter thread on Thursday. At current speeds, Tenev estimates that memetic-based cryptocurrencies can complete about 40 transactions per second.

Meanwhile, credit card and payment processing giant Visa can complete about 65,000 transactions per second. "Doge needs to be able to significantly outperform Visa, which requires an at least 10,000-fold increase in throughput," he writes.

Earlier this week, Robinhood added Shiba Inu coins and other popular altcoins. Digital asset trading activity on the platform declined towards the end of 2021 after trading revenues declined due to the rise in Dogecoin over the past year.