Billionaire investor and Dallas Mavericks owner Mark Cuban revealed that the basketball team “makes thousands and thousands of dollars” in Dogecoin DOGE/USD.
“A lot of people pay in Dogecoin," Cuban said. "We sell thousands and thousands of dollars per month during the offseason, and once the season starts I expect that to happen per week in Dogecoin."
Cuban believes the reason behind DOGE’s popularity as a payment choice comes down to the fact that “it's easy to spend” and “it doesn't appreciate so much that people want to hold forever.”
Why It's Important: The Mavericks owner also stated that “not a lot of people” pay in Bitcoin BTC/USD because it's “really an appreciable asset.”
Bitcoin acts as a store of value and people want it to go up in value, so they would be less likely to trade it in to make purchases, reasoned Cuban.
Cuban himself doesn’t hold a particularly large amount of the meme-based cryptocurrency. At the time of writing, his DOGE portfolio was worth only $1,500, up from the $500 reported earlier, because he said he “bought a little more for fun.”
“I've never told anybody it's a great investment," Cuban said. "I've often said that it's a great way to get to understand how cryptocurrency works, how to invest in the market, and it’s a better investment than a lottery ticket if you’re trying to hit a home run."
DOGE Price Action: At press time, Dogeocin was trading at $0.25, gaining 4.04% over the past 24 hours.
Bitcoin was trading at $54,200, up 9% over the same period.
Photo: David Herrera, Flickr
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