According to the billionaire Mark Cuba, Dogecoin is preferred by many users over other cryptocurrencies like bitcoin.
As the owner of the Dallas Mavericks, Mark Cuban expressed his support for the adoption of Doge as a payment method in interviews with CNN and other outlets.
Cuban stated eight months ago that it will begin accepting Dogecoin payments for tickets and items on the team’s website.
According to Cuban, the Dallas Mavericks’ decision to accept Dogecoin payments on their website was a strategic one.
Ticket and merchandise payments for the team’s games have been accepted in Bitcoin in the past, and they still do.
The billionaire, on the other hand, explained why bitcoin payments were not more popular.
Since “bitcoin is a pretty appreciable asset,” people are less likely to use it as payment, and instead prefer to keep onto it so they can profit from it in the future, according to Cuban.
🐕 Is Dogecoin Really Better?
The Dallas Mavericks have reaped the benefits of Mark Cuban’s demand for Dogecoin payments.
The basketball team’s Dogecoin sales grew by 550 percent in its first month, according to the millionaire, who also verified that Doge is still seeing strong sales.
Dogecoin, in contrast to Bitcoin, is more popular as a payment method for items and tickets. This is due to the fact that Bitcoin is a “store of wealth”. Meanwhile, doge is more of a short-term investment for the majority of cryptocurrency users.
Dogecoin’s value is far lower than bitcoin’s, making it more convenient for customers to purchase with it.
Furthermore, because of its low transaction fees and limitless supply, it is a more viable form of exchange than bitcoin.
“Dogecoin is widely accepted as payment. During the off-season, we sell for tens of thousands of dollars per month. This will happen every week in Dogecoin after the season starts.
👛 Crypto As Payment for Players
When asked if it was a major problem if the Dallas Mavericks paid their players partially or totally in bitcoin, Cuban said, “it’s no big deal.”
The millionaire had no issue with paying players in crypto, but he was worried about how much they would get paid in total.
Cuban said that players would receive less money in bitcoin as a result of conversion and transaction expenses.
For this reason, paying gamers with dollars, which they may subsequently exchange for bitcoin, was the superior option.
When asked about his own wealth, Cuban flashed a $1,500 Dogecoin bag. Earlier this year, the investor drew criticism for disclosing that he only had $500 in Dogecoin.
Aside from Fox, the billionaire claimed to have never told anyone that the stock was a good investment.
Cuban believes that investing in Dogecoin is an excellent method to learn about the cryptocurrency industry, and he admitted that he did so only for the sake of diversification. “If you want to hit a home run, it’s a better investment than a lottery ticket,” the Shark Tank star remarked.