The owner of the professional basketball team the Dallas Mavericks – Mark Cuban – revealed that people don’t like buying tickets with their Bitcoin holdings because it is an appreciable asset. Instead, they employ Dogecoin, which is “easy to spend.”
During an interview for Fox Business, the 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.” Cuban went further, opining that it is even better than gold, and is also much different than the alternative coins.
“Bitcoin is a little bit of a different animal as crypto as a whole.”
Not long ago Dallas Mavericks started accepting crypto payments for game tickets and merchandise on its online store. However, Cuban said NBA fans are not keen on purchasing tickets via BTC as they hold the asset for the long-term and expect its price to increase in time:
“Not a lot of people pay in bitcoin because it is really an appreciable asset. It’s a store of value and they want it to go up in value.”
On the other hand, many employ Dogecoin as a buying option as they have an entirely different attitude towards the meme token:
“We sell thousands and thousands of dollars per month during the off-season, and once the season starts I expect that to happen per week in Dogecoin – and that’s really because it’s easy to spend, it doesn’t appreciate so much that people want to hold it forever.”
Speaking of his personal investment in the meme coin, Cuban said he had increased it from $500 to $1,500 recently, explaining he bought “a little bit more for fun.” Nevertheless, he described DOGE as a way to understand how digital assets function, not as a successful investment instrument:
“I’ve never told anybody it’s a great investment, I’ve often said it’s a great way to understand how cryptocurrency works, how to invest in the market.”
The meme coin, which started as a joke in 2013, has had by all means a turbulent year so far. At the beginning of 2021, its price tag stood at roughly $0.01. Shortly after, though, it skyrocketed and reached an all-time high of around $0.74 in May.
And when many experts thought that DOGE’s next ATH would be hitting the milestone of $1, its price started plunging. As of the moment of writing these lines, it trades at about $0.25.
Often described as a trendy cryptocurrency that the younger generations prefer, Dogecoin has attracted the attention of numerous prominent names, including Elon Musk. Tesla’s CEO has also admitted he had personally invested in it.
However, CoinShare’s CSO – Meltem Demirors, for example, believes the recent fascination with Dogecoin is a speculative mania and a bubble.
Michael Saylor – Co-Founder, and CEO of MicroStrategy – also placed himself as a DOGE opposer. He warned people to be highly cautious when investing in it as it has a temporary role.
Featured Image Courtesy of CNBC