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Mark Cuban defends Dogecoin (DOGE) from Bitcoin (BTC) supporters

Sun 17 Oct 2021 ▪ 20h39 ▪ 3 min read — by Mary Anderson

Despite the huge popularity of Dogecoin, many believe that this cryptocurrency does not deserve attention since it is dependent on enthusiasts who invest in it as a joke and Elon Muck’s twits. Some particularly ardent supporters of Bitcoin quite often use such arguments to show the advantage of BTC over Dogecoin. This leads to disputes on Twitter about the relevance of DOGE between those who consider it unreasonably popular and those who, on the contrary, believe that Dogecoin can become an important part of the financial system.

Mark Cuban sees potential in DOGE

One of the supporters of Dogecoin is Mark Cuban, a famous billionaire who sometimes gets involved in disputes regarding the role of this coin. According to him, Dogecoin is one of the best options for novice crypto investors. To support this, he gave several arguments, one of which is the relatively low cost of these coins, which makes them affordable.

Further, Cuban noted that with the release of the new Robinhood virtual wallets, Dogecoin has become much more convenient to use – that’s another significant advantage.

Finally, Mark Cuban believes Dogecoin deserves attention at least because trading this currency is fun, as well as being part of the community of its fans.

Mark Cuban considers Bitcoin overestimated

However, despite all his statements, the billionaire himself is not particularly keen to invest in this crypto asset. At the moment, Cuban has around $1,500 (£~1,093) in DOGE, which is not impressive, given the amount of his fortune. Podcaster and Bitcoin supporter Preston Pish used this argument against Cuban in response to Mark Cuban’s recent statements on Twitter. Yet, the billionaire demanded that the podcaster demonstrate his investments in Bitcoin to prove that Preston’s accusations are really justified.

According to Cuban, Bitcoin is the best means of saving, but it cannot be used for payments, unlike Dogecoin.

In addition, in one of his recent statements, Mark Cuban commented on Ethereum (ETH). He noted that the upcoming transition of this cryptocurrency from Proof-of-Work to a more environmentally friendly Proof-of-Stake may entail certain risks, although he did not specify which. Despite this, he believes that its founder Vitalik Buterin will be able to cope with these problems.

It is worth noting that most investors do not take Cuban’s statements seriously since many of them prove to be false. For example, this happened with his argument with Preston Pish, during which Cuban faced fierce criticism of his words.

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Mary Anderson avatar
Mary Anderson

I am sure that crypto assets are a new type of economy. We are at the origins of the crypto revolution. Right now, it is worth studying what cryptocurrencies and the blockchain are in order to make the most of this knowledge and these skills in the future.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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