Billionaire Mark Cuban thinks Dogecoin is the best crypto as a medium of exchange

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Dallas Mavericks billionaire owner and entrepreneur Mark Cuban recently declared Dogecoin to be the best crypto asset as a medium of exchange.

Last week, Cuban told CNBC that: Dogecoin is a “medium that can be used to acquire goods and services.” The doge’s community is the strongest when it comes to using it as a medium of exchange. Meanwhile, Elon Musk backed Cuba’s statement by saying, “I’ve been saying this for a while. “

Although the developers of Dogecoin made the cryptocurrency even as a joke and never intended to take it seriously, Cuban states that it has a unique use case compared to other crypto assets.

Elon Musk and Mark Cuban were drawn to Dogecoin because of its strong community and light-hearted nature, and the two famous businessmen were instrumental in its 8,000% gain over the past year.

However, crypto users find it hard to see the good things Cuba and Musk see in Dogecoin, which is more complicated and very volatile to buy than traditional payment options.

Many crypto investors are particularly skeptical of altcoins like Dogecoin, the price of which is heavily influenced by celebrity endorsement and social media buzz.

While Cuban admits Dogecoin isn’t the best investment people can make, he says the memes-inspired cryptocurrency is the best digital currency as a medium of exchange.

Doge travels to the general public

Dogecoin was created in 2013 as a lightweight alternative to traditional crypto assets like Bitcoin. Unlike Bitcoin, which is designed to be scarce, Dogecoin is intentionally plentiful – 10,000 new coins are mined every minute, and there is no maximum supply.

Dogecoin was trading at around $ 0.03 per coin, has increased in value by over 1000% since the start of this year.

At the end of April, Cuban announced that his Dallas-based professional basketball team Dallas Mavericks began accepting Dogecoin as a payment method for goods and bills after the cryptocurrency experienced a resurgence in popularity.

Meanwhile, Cuban said, “We chose to do it because sometimes in business you have to do things that are fun, engaging and hopefully generate a lot of public relations.”

Earlier this year, Cuban said in an interview with Forbes that he bought Dogecoin for his son, although he said the crypto has no intrinsic value.

The crypto meme has increased in value by around 10,340% since the start of the year, in part thanks to endorsements from other billionaires, primarily Tesla and SpaceX CEO Elon Musk. They also said in February that he bought Dogecoin for his toddler son.

Image source: Shutterstock

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