That’s what the Dallas Mavericks owner Mark Cuban thinks Dogecoin (DOGE) has the potential to become a useful currency if more companies adopt meme cryptocurrency for their products and services.
What happened: Cuban, a big proponent of Dogecoin and other cryptocurrencies, said on Twitter that Dogecoin might keep its purchase value better than a dollar in the bank by increasing corporate adoption.
“If interest rates skyrocket, or the amount spent falls or stagnates, so will Doge. Yes, a joke is now legit, ”the Cuban tweeted.
“Shark Tank” fame investor noted that Dogecoin̵
Crypto not only about being more productive and efficient, but also no longer dependent on “trusted institutions” Ask OPP applicants how much they trust their big banks? Do you trust your health insurance company? Crypto is reliable and a better way to handle many transactions.
– Mark Cuban (@mcuban) May 2, 2021
See also: How to buy Dogecoin (DOGE)
Given the use of cryptocurrencies over traditional assets, the billionaire investor noted that Bitcoin (BTC) is easy to trade, store and create without delivery issues compared to gold, while also enabling the transfer of value locally as well as globally. Gold is the hassle, he added.
The NBA owner also believes that smart contracts for decentralized financing (DeFi) from Ethereum (ETH) are better at enabling deposit, savings and trading of financial instruments than banks.
“One is automated and untrustworthy and almost instantaneous. The other relies on buildings full of people adding cost and friction to the same transaction, ”said the billionaire investor.
See also: Mark Cuban joins Elon Musk in defense of Dogecoin’s ‘infinite supply’, says gives advantage over Bitcoin, Ethereum
Why it means: Cuban has supported Dogecoin, while acknowledging the origins of cryptocurrency jokes. In March, the Dallas Mavericks began accepting Dogecoin as a means of payment for Mavs tickets and merchandise. Cuban revealed in April that Maverick’s sales of Dogecoin increased by over 550% compared to the previous month.
Cubans believe that people are more likely to use Dogecoin to make purchases compared to other cryptocurrencies such as Bitcoin and Ethereum, which have steep valuations.
Dogecoin has fallen 0.1% in the last 24 hours and is trading at $ 0.3806 at press time. Shiba Inu-themed cryptocurrency peaked at $ 0.4377 on April 16, up 7,949.40% since the year began.
In comparison, Bitcoin’s annual gains are modest 98.7%. BTC traded 1.8% higher at $ 58,064.89.
Ethereum surpassed the psychologically crucial $ 3,000 mark late on 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 next: Elon Musk says something on Dogecoin will ‘definitely’ play in his SNL episode
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