Billionaire investor and owner of the Dallas Mavericks, Mark Cuban recently tweeted that the only Dogecoin he holds is the 3,250 he bought with/for his 11-year-old son.
Cuban also stated in his tweet that he receives a stream of inflow from his NBA Team the Dallas Mavericks. Last month, Mark Cuban announced Mav tickets, and other Mavericks merchandise could be paid for with Dogecoin, making the Dallas Mavericks the largest franchise to trade Dogecoin in the world.
The Billionaire investor also stated that Dogecoin is processed on a fixed schedule, therefore it is a viable form of payment. The Shark Tank star elaborated on the matter stating Dogecoin’s inflation rate is defined, and there is no uncertainty in its inflation percentage and the amount processed. Dogecoin is a valid form of payment.
Mark Cuban is renowned for investing in unique business opportunities without frequently checking the stock market. Cuban had predicted that eventually one day stocks will be traded through blockchain.
On Saturday, Cuban admitted to the fact that Dogecoin may not gain enough support in the long-term, but users can still take it in a new direction using its original intention. Dogecoin trading dipped 5% with the prices falling below $0.50. However, currently, the crypto has gone over 10,000%. This implies that Cuban’s DOGE holdings are worth $1,690 excluding NBA revenue.
The crypto markets have been under heavy pressure due to a series of tweets made by the CEO of Tesla Elon Musk who has been endorsing the cryptocurrency. Recently, Musk claimed that Dogecoin could possibly replace Bitcoin as the payment mechanism for Tesla although this has to be treated as pure speculation at this point and no investment should be safely made on this basis.
According to the CEO of Webull, Anthony Denier, Dogecoin is tied to Musk and is only affected due to his comments, while Bitcoin is still the most dominant crypto that other altcoins follow. This is hard to argue against but Bitcoin dominance is now below 40% for the first time and the lower this number gets maybe the less reliant the market will be on the price of Bitcoin.