Billionaire entrepreneur Mark Cuban has again pitched Dogecoin as the preferred cryptocurrency against its more powerful rivals such as Bitcoin. He has said that people like to spend Dogecoin to purchase goods and services because it appreciates greatly at frequent intervals. For example, Bitcoin crossed the $50,000 (Rs. 37 Lakh) mark with a gain of over $10,000 (Rs. 7.47 Lakh) in a week. Dallas Mavericks owner Cuban also said that the NBA team sells “thousands and thousands of dollars” of merchandise per month in the off-season. He said he expects that number to be “very high” as the season begins.
Speaking to Fox Business, Cuban now said that people use Dogecoin to buy Mavericks merchandise “really because it’s easy to spend and it’s not so appreciated that people want to hoard it forever. “.
Mark Cuban says a lot of people pay #dogecoin And that the Dallas Mavericks sell thousands and thousands of dollars per month in the off-season. He expects this number to be much higher as the season begins
– Doge Whisperer???? (@TDogwhisperer) 4 October 2021
The basketball team was among the first to accept payment in Dogecoin for its merchandise, and Cuba said in April that Doge payments had increased by 550 percent since the first month. In late August, they announced a rewards program for Mavericks buyers to further promote Dogecoin.
When asked about his low Dogecoin holdings, which previously only appeared as $500 (Rs. 37,365), Cuban said that he now has $1,500 (Rs.1.12 lakh) of Dogecoin because he had “for fun”. “Bought a little more. Trying to absolve himself of any responsibility when people lose money, he said he hasn’t told anyone that Dogecoin is a great investment.
“I’ve often said that it’s a great way to understand how cryptocurrency works … and it’s a better investment than a lottery ticket if you’re trying to drive home.”
Launched as a joke in December 2013, Dogecoin is based on the popular “Doge” meme and features a Shiba Inu on its logo. Dogecoin price in India is around Rs. 17.94 (approximately $0.24) at the time of writing this report, after a drop of over 8% over the past 24 hours.