Billionaire Mark Cuban Explains Why Dogecoin Is A Preferable Payment Method Over Bitcoin
Billionaire Mark Cuban has once again weighed in on why users prefer Dogecoin payments to cryptocurrencies like bitcoin. Cuban who owns the professional basketball team, the Dallas Mavericks, has been vocal about his support for Doge being used as a payment method. Fans of the team are able to purchase tickets and merchandise from its website using Doge after Cuban had announced eight months ago that they would start accepting Dogecoin payments.
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Cuban explained to Fox Business why the Dallas Mavericks had chosen to add Dogecoin payments to its website. The basketball team has accepted and still accepts Bitcoin payments for tickets and merchandise. But the billionaire explained that bitcoin payments had not gained more traction. Cuban said that people are less likely to pay with bitcoin because “it’s really an appreciable asset” and people are more inclined to hold their bitcoins because they want to make a profit from it.
Why Dogecoin Is Better
Cuban’s push for Dogecoin payments has paid off for the Dallas Mavericks in big ways. In its first month, Dogecoin sales had grown 550% for the basketball team and the billionaire confirmed that they have continued to see great sales with Doge. Unlike Bitcoin, people are more inclined to pay with Dogecoin for merchandise and tickets. This is because bitcoin is treated as a “store of value” and Doge is more a short-term investment for most crypto users.
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Since Dogecoin carries far less value than bitcoin, it is easier for people to pay with the cryptocurrency. In addition, its small transaction fees and unlimited supply make it a more viable means of exchange than bitcoin.
“A lot of people pay in Dogecoin. We sell thousands and thousands of dollars per month during the off-season. And once the season starts, I expect that to happen per week in Dogecoin.”
Doge price settles above $0.25 | Source: DOGEUSD on TradingView.com
Paying Players In Crypto
Cuban responded to a question about paying Dallas Mavericks’ players in partly or fully in bitcoin if they wished, saying “it’s no big deal.” But while the billionaire had no problem with paying players in crypto, he expressed concern for the amount the players would get paid in the end. Citing conversion and transaction fees, Cuban said the players would end up getting less in bitcoin. So it was a better route for the players to be paid in dollars, which they can then convert on their own into bitcoin.
Speaking on his own holdings, Cuban revealed that he had upped his Dogecoin bag to $1,500. The investor had come under fire earlier in the year when he revealed that he only held $500 in Dogecoin. But the billionaire expressed to Fox Business that he had “never told anybody it’s a great investment.”
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Cuban believes investing in Dogecoin is a great way to get a good understanding of the crypto market and said that he personally invested in the cryptocurrency for fun. “It’s a better investment than a lottery ticket if you’re trying to hit a home run,” the Shark Tank star added.
Featured image from Byte Federal, chart from TradingView.com