Billionaire investor and owner of Dallas Mavericks basketball team Mark Cuban said during a recent interview that Dogecoin, the meme-inspired currency endorsed by Tesla CEO Elon Musk, had the potential to grow into a valid form of payment in the future.
Cuban has spoken favorably in support of cryptocurrencies, decentralized finance, and non-fungible tokens quite a lot in the last few months. Cuban has even endorsed Dogecoin into his franchise, making it the first franchise that accepted Dogecoin payments, earlier in March.
The Dallas Mavericks are now accepting Dogecoin payments for Mav tickets, and other merchandise, as stated by Cuban in March. He also shared his thoughts on investing in Dogecoin on the very popular, Ellen Show, stating that Dogecoin is a better investment than an ordinary lottery ticket, in April.
Dogecoin has been under heavy criticism due to the fact that the Shiba Inu currency has infinite supply as compared to Bitcoin’s limited one. Cuban provided his insight on the matter Saturday, he argued that Dogecoin could be a feasible digital asset since newly made coins are produced on a fixed schedule.
According to his tweet, Cuban stated Dogecoin had deterministic inflation, therefore the amount of inflation is defined. There is no doubt about the amount created, and the inflation percentages, as stated by Mark Cuban.
According to Coindesk, Dogecoin prices have gone up to 10,000% this year. The most recent surge in price is mainly due to the announcement made by Elon Musk mentioning his collaboration with Dogecoin developers to the efficiency of system transactions.
The cryptocurrency market took quite a bit of shock after Musk announced that Tesla will no longer accept Bitcoin payment due to environmental concerns. While Cryptocurrency remains a brilliant idea and holds a promising future, it should not consume energy that harms the environment, the billionaire tweeted.
