The owner of the professional basketball team Dallas Mavericks – Mark Cuban – revealed that people do not like to buy tickets with their bitcoin holdings because it is a valuable asset. Instead, they use Dogecoin, which is “easy to spend”.
‘Bitcoin is a slightly different animal’
During an interview with Fox Business, American billionaire Mark Cuban shared his views on some of the most popular cryptocurrencies.
Starting with bitcoin, he said the asset is a “great alternative store of value.” The Cuban went further, stating that it is better than gold, and is also very different from alternative coins.
“Bitcoin is a slightly different animal like crypto as a whole.”
Not so long ago, the Dallas Mavericks began accepting cryptocurrency payments for game tickets and merchandise on its online store. However, Cuban said that NBA fans are not keen on buying tickets with BTC because they are holding the asset for the long term and expect its price to go up over time:
“A lot of people don’t pay with bitcoin because it is really a tangible asset. It is a store of value and they want it to go up in value.”
On the other hand, many use Dogecoin as a buying option because they have a completely different attitude towards the meme token:
“We sell thousands and thousands of dollars a month during the off-season, and once the season starts I expect it to happen every week at Dogecoin – and that’s really because it’s easy to spend, it doesn’t value as much that people want to keep forever.”
Speaking about his personal investment in the meme coin, Cuban said he increased it from $500 to $1,500 recently, explaining that he bought “a little more for fun.” However, he described DOGE as a way to understand how digital assets work, not as a successful investment tool:
“I have never told anyone that it is a great investment, I have often said that it is a great way to understand how cryptocurrency works, and how to invest in the market.”
Mark Cuban, Source: CNBC
Is investing in DOGE a wise decision?
The meme coin, which started as a joke in 2013, has by all accounts been a turbulent year so far. At the beginning of 2021, its price was approximately $0.01. Soon, the price surged and reached an all-time high of around $0.74 in May.
And when many experts thought that the next ATH from DOGE would reach $1, its price began to fall. As of the moment of this writing, it is trading at around $0.25.
Often described as a trendy cryptocurrency favored by younger generations, Dogecoin has attracted the attention of many notable names, including Elon Musk. The Tesla CEO also admitted that he personally invested in it.
However, CSO – Meltem Demirors of CoinShare, for example, believes that the recent infatuation with Dogecoin is speculative and bubble mania.
Michael Saylor – co-founder and CEO of MicroStrategy – has also positioned himself as an opponent of DOGE. He warned people to be very careful when investing in them because of their temporary role.
Featured image courtesy of CNBC
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