On Monday (May 3), billionaire investor and entrepreneur Mark Cuban talked about Dogecoin ($DOGE) while sharing his thoughts on the crypto space.
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).
Last Tuesday (March 27), Cuban, who has been very supportive of Dogecoin in the past several weeks, had this to say on “The Ellen DeGeneres Show” about investing in the world’s most popular meme cryptocurrency:
“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.“
Well, earlier today, while trying to explain in a tweetstorm “why crypto assets have value”, he made the following comments about Dogecoin:
“Meme coins like Doge only work if they gain utility and users use them for that utility. As long as you can spend Doge , because we know it’s annual inflation rate is set at 5b coins, it can gain SOME value as the utility grows. It becomes like any other currency…
“As long as more companies take doge for products/services, then Doge can be a usable currency because it MAY hold its purchasing value better than a $ in your bank. If interest rates skyrocket or the amount spent falls or stagnates, so will Doge. Yes, a joke is now legit…“
Currently (as of 16:38 UTC on May 3), according to data by CryptoCompare, Dogecoin — the sixth most valuable asset by market cap — is trading around $0.4129, up 7.72% in the past 24-hour period. For the year-to-date period, $DOGE is up an incredible 8,685%.
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.