Dallas Mavericks owner Mark Kuban believes Dogecoin (DOGE) has the potential to become a useful currency if more companies adopt mem cryptocurrencies for their products and services.
What happened: Cuban, a big proponent of Dogecoin and other cryptocurrencies, said on Twitter that Dogecoin could hold its purchase value better than a dollar at the bank by increasing acceptance by companies.
“If interest rates skyrocket or the amount spent falls or stagnates, the dodge will fall. Yes, the joke is already legitimate, “wrote a Cuban Cuban.
Shark investor noted that Dogecoin̵
Crypto is not only about being more productive and efficient, but also no longer depends on “trusted institutions” Ask PPP candidates how much they trust their big banks? Do you trust your health insurer? Crypto is a trustless and better way to handle many transactions.
– Mark Kuban (@mcuban) May 2, 2021
See also: How to buy Dogecoin (DOGE)
Noting the usefulness of cryptocurrencies over traditional assets, the billionaire investor noted that Bitcoin (BTC) is easy to trade, store and create without delivery problems, compared to gold, while allowing value transfer both locally and globally. . Gold is a quarrel, he added.
The NBA owner also believes that Ethereum’s smart decentralized financing agreements (DeFi) (ETH) are better for depositing, saving and trading financial instruments than banks.
“One is automated and untrusted and almost immediate. The rest depends on buildings full of people who add cost and friction to the same deal, ”said the billionaire investor.
See also: Mark Kuban joins Elon Musk in defending Dogecoin’s “Infinite Supply,” says he prefers bitcoins, Ethereum
Why it is important: The Cuban supports Dogecoin, while acknowledging the origins of the cryptocurrency joke. In March, the Dallas Mavericks began accepting Dogecoin as a means of paying for Mavs tickets and merchandise. The Cuban revealed in April that Maverick’s sales at Dogecoin had jumped more than 550 percent from the previous month.
The Cuban believes that people are more likely to use Dogecoin to make purchases than other cryptocurrencies such as Bitcoin and Ethereum, which have steep ratings.
Dogecoin has fallen 0.1% in the last 24 hours and traded at $ 0.3806 in the press. The Shiba Inu cryptocurrency hit an all-time high of $ 0.4377 on April 16, up 7,949.40% from the beginning of the year.
Relatively, Bitcoin’s annual profits are a modest 98.7%. BTC traded 1.8% higher at $ 58,064.89.
Ethereum surpassed the psychologically important $ 3,000 late Sunday for the first time in its nearly six-year history. The cryptocurrency has risen 6.3% in the last 24 hours and is trading at 3,101.86.
Read more: Elon Musk says something in Dogecoin will be “definitely” in his SNL episode
Photo from Play Your Place on Flickr
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