Dogecoin founder Jackson Palmer has turned down $500,000 investment proposals after early discussions with at least two venture capital firms. Dogecoin is a cryptocurrency that was considered a joke at first, but has actually been used for charities and sending Olympic teams to Sochi. Dogecoin was inspired by a meme called “Doge,” which features a dog making a funny face at the camera. Palmer spoke at the Techly meet-up in Australia about the fundraising.
“I really think Dogecoin?s strength is that it belongs to the community that has brought it this far. It?s the internet?s currency, and doesn?t rest in the hands of any one person or entity,” said Palmer in an interview with TheNextWeb.
“I guess the argument of VCs is that taking investment could assist in the growth of the currency ? but the fact is that the bulk of it?s growth comes from the community and not the small core team we maintain for official projects like charity sponsorship. I?m fairly confident in the moon trajectory the community has set, and I believe in them.”
The Dogecoin founder said that people will not get rich off of the currency like people have done with Bitcoin due to annual inflation of the currency after the hard cap on coins mined by computers is reached.