Dogecoin (DOGE) has been the talk of the crypto town in the past couple of months. The cryptocurrency which was created as a joke back in 2013, has appreciated in value and subsequently made its way to the seventh spot on crypto rankings.
The price of the Shiba Inu-themed cryptocurrency was driven higher by countless Twitter posts from Tesla/SpaceX CEO Elon Musk. Musk is not the only billionaire mogul to throw his weight behind Dogecoin.
Dallas Mavericks owner and Shark Tank star, Mark Cuban, has also publicly supported the cryptocurrency. The Dallas Mavericks even currently accepts DOGE for merch sales. Cuban predicted last month that the price of DOGE will eventually hit the elusive $1 mark boosted by Mavs merch sales. In an interview with Ellen Degeneres to be aired today, Cuban spoke about Dogecoin in particular, also touching on NFTs, bitcoin (BTC), and ether(ETH).
DOGE Is “Better Than A Lottery Ticket”
The Dallas Mavericks owner noted that Dogecoin, which was created in jest by two developers, has recently turned into a digital currency and attracted so many retail investors. He revealed that his son Jake and himself started investing in DOGE when it was worth less than a penny, and now it has skyrocketed to 26 cents.
In Cuban’s view, Dogecoin is a good investment because more people are using the cryptocurrency in addition to more high-profile companies adding it as a payment option. As such, its price is bound to go up. But if the price does not go up, Cuban says customers can always use their DOGE to buy merchandise from the Dallas Mavericks store.
“I wouldn’t say it is 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.”
Cuban Has Seemingly Softened His Stance On Bitcoin
It goes without saying that Mark Cuban is crazy about Dogecoin and non-fungible tokens (NFTs). Speaking with Ellen, the billionaire described NFTs as digital collectibles that you can buy, hold, and sell like ordinary collectibles.
Cuban further says that bitcoin is a “digital version of gold” while ethereum is a “digital version of a currency”. That’s quite a conversion from December 2020 when Cuban said he preferred a banana to bitcoin as the former has more utility.
Billionaire investors like Cuban are pulling a 180-degree on crypto as they have witnessed bitcoin grow exponentially in the last few months. Financial institutions like JPMorgan Chase & Co. and Morgan Stanley are also positioning themselves to test the bitcoin waters.