Cuban is the majority owner of the professional basketball team Dallas Mavericks, as well as one of the “sharks” on the highly popular reality show “Shark Tank” (which is aired on the ABC television network).
Here is what Cuban told the show’s host Ellen DeGeneres about Dogecoin:
“Dogecoin is a cryptocurrency that was created as a joke in 2013 by these two programmers, and they just made it to mess around. And then, probably two years ago, people started talking about the meme online, and started buying it and probably within the last six months the number of people buying it has just skyrocketed into the millions, and the value has gone up incredibly, and I’ll give you an example.
“My son and I bought some for less than a penny. Jake is 11 years old, but you know $30 worth, I think it was, at less than a penny. Then it went up to six cents. He bought a little bit more. Then it went up to 40 cents, and now it’s about 26 cents. So,the question everybody wants to know — is Dogecoin a good investment?
“And here’s the reason I got Jake into it. It’s not necessarily the best investment you can make, but you can buy it on Robinhood, and signing up and trading on Robinhood is free. So, that’s one thing. The second thing is it’s about 26 cents for Dogecoin. So, if you would go and spend $5, $10, $15, that’s a better bet, better investment, than buying a lottery ticket, and you know what? It could go up, and the second part about it is if it doesn’t go up and you want to spend it, you can buy merchandise on the Mavericks store, hopefully soon on the Ellen shop, so it’s also becoming a digital currency, which is crazy if you think back to its origins…
“Overall, when someone brings up Dogecoin to you and asks you if it’s a good investment, I wouldn’t say it’s the world’s best investment, but it’s a whole lot better than a lottery ticket, and it’s a great way to learn and start understanding cryptocurrencies.“
It is worth pointing out that on March 4, crypto payment processor BitPay announced via a press release that it was allowing merchants to accept Dogecoin, the internet’s favorite meme cryptocurrency, for payments, and that “the Dallas Mavericks would be the first to accept Dogecoin.”
Stephen Pair, CEO of BitPay, stated at the time:
“The Dallas Mavericks are a long-time enthusiast of cryptocurrency, opening up new opportunities for the team to sell tickets and merchandise to its global MFFL fan base. BitPay believes that with continued cryptocurrency adoption, the industry is reaching an inflection point that will forever change consumer confidence, trust and pave the way for blockchain payments to disrupt the way consumers and businesses receive and spend funds.“
As for Cuban, who has been talking a lot about crypto in the past fewmonths, he had this to say:
“The Mavericks have decided to accept Dogecoin as payment for Mavs tickets and merchandise for one very important, earth shattering reason, because we can! Because we can, we have chosen to do so. We have chosen to do so because sometimes in business you have to do things that are fun, engaging and hopefully generate a lot of PR. So we will take Dogecoin, today, tomorrow and possibly forever more. For those of you who would like to learn more about Dogecoin we strongly encourage you to talk to your teenagers who are on tik tok and ask them about it. They will be able to explain it all to you.“
Yesterday, Bitpay Chief Commercial Officer Sonny Singh, told Caroline Hyde during an interview on Bloomberg TV that last week over 10% of the transactions his firm processed had come from Dogecoin.
According to data by CryptoCompare, Dogecoin is currently (as of 05:54 UTC on April 28), trading around $0.2640, down 2.08% in the past 24-hour period, but up over 5517% vs USD in the year-to-date period.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.