Mark Cuban is choosing Dogecoin over Bitcoin, when it comes to use cases that is.
In a Monday interview with Fox Business, the billionaire entrepreneur explained how his company made "thousands and thousands of dollars" with Doge. Cuban also shared his prediction of bigger sales later this year.
Several Dogecoin fans praised Cuban as one of their strongest supporters. Aside from Cuban's interest in cryptocurrency, he supported Doge by making it one of the payment methods for the online shop of the Dallas Mavericks.
Fox Business took an interest in Cuban's cryptocurrency investment and asked him the details in their recent interview. Doge Whisperer tweeted the video clip:
Mark Cuban says a lot of people pay in #dogecoin & that the Dallas Mavericks sell thousands & thousands of dollars per month in the off season. He expects those number to go much higher as the season starts— Doge Whisperer 🐕 (@TDogewhisperer) October 4, 2021
He also bought more $Doge !@mcuban @elonmusk @SusanLiTV @TeamCavuto pic.twitter.com/b9lGKte3wL
Dogecoin Price Boost: Why Is Doge Better Than Bitcoin?
Cuban first announced Dogecoin as a payment method for the Mavs approximately eight months ago. Since then, Dogecoin contributed huge sales on his team's shop.
Note that the basketball team still accepts Bitcoin payments for tickets and merchandise. However, its sales was nowhere near the success of Dogecoin. Bitcoin did not gain traction because people consider it as "an appreciable asset." Cuban said people are more inclined to hold onto their Bitcoins in attempts to make profit.
On the other hand, Dogecoin is seen as a short-term investment. Cuban said, "Dogecoin doesn't appreciate so much that makes people want to hold on to it forever." This makes it a lot easier for other people to spend. Also, keep in mind that fans find a lot of fun spending the meme coin and buying real merchandise in the process.
Lastly, Dogecoin has smaller transaction fees and has infinite coin supply, making it a more viable means of exchange than Bitcoin.
According to Bitcoinist, the Mavericks recorded 550 percent sales growth with Doge payments. Cuban said, "A lot of people pay in Dogecoin. 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."
Cuban also revealed his personal investment in Dogecoin at $1,500. The progress was immediately linked up to his earlier holding of only $500 worth of Dogecoin investment.
The interview concluded with Cuban's message that Dogecoin is a good tool for understanding crypto markets. "It's a better investment than a lottery ticket if you're trying to hit a home run."
As written on Trading Browser, penny cryptocurrencies can be a great future investment if they reach the scene as Dogecoin has done in the last few years.
Dogecoin Price Prediction: The Next Big Boost
At the time of writing, Coin Desk recorded Dogecoin at $0.25, with a 0.46 percent increase in the last 24 hours. Although subtle, Dogecoin recovered significant market value that hyped its investors.
However, keep in mind that Dogecoin has a highly volatile market that could quickly rise and fall without warning. Investors who want to jump in Cuban's hype should only invest money they can afford to lose.
It is worth noting that Ethereum saw a huge boost in these past few days as well. ETH market surged $3,500 markers after a long week of constant dips.
Dogecoin might also follow a similar surge if Cuban's statement inspire enough investors to join the hype.
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