Billionaire investor and entrepreneur Mark Cuban appears eager to clarify some comments he recently made regarding Dogecoin, the world’s fourth largest cryptocurrency.
Mark Cuban Seeks to Clear the Air Regarding Doge
Just a few days ago, the billionaire stated that he felt Dogecoin was a great “medium of exchange.” He also sang additional praises for the popular meme coin, but he is now taking to social media to clarify some of these statements. On Twitter, he has commented that he does not necessarily hold Dogecoin in a higher position than bitcoin, though he would be wrong to state that it doesn’t have a place in the financial industry.
The point about Doge that people miss is that Doge’s imperfections and simplicity are some of its greatest strengths. You can only use it to do two things: spend it or HODL it. Both are easy to understand, and it’s cheap to buy. This makes it a community anyone can join and enjoy.
In a separate message just last week, Cuban explained:
The community for Doge is the strongest when it comes to using it as a medium of exchange.
These comments got attention from the likes of Elon Musk, the man behind Tesla and SpaceX. Musk has been a major Doge fan for years, and at one point was even rumored to take over as the currency’s next CEO, though this didn’t amount to anything. In any case, Musk has long stated that Doge is a coin that investors should be taking seriously, though many bitcoin fans did not appreciate Cuban’s comments, claiming that there was no medium of exchange stronger than the father of crypto.
Cuban has since gone on to say that he does not prefer Doge to BTC, as he believes they are “completely different,” though he feels it has a strong place in the crypto arena and in the investing circle.
A Recent Bull?
He also hinted that he remains bullish on the coin, even though he also feels it is difficult to buy, exchange or spend. However, he finds it unique nonetheless, claiming:
It’s a medium that can be used for the acquisition of goods and services.
Cuban is an interesting figure in the sense that while he has always had a hand in the crypto arena, his bullish attitude appears to have come on only recently. His basketball team the Dallas Mavericks was amongst the first to allow BTC and crypto payments for items like team-related merchandise and event tickets, though Cuban himself has, at times, referred to bitcoin and other altcoins in a negative light, even going so far as to claim that he would rather have “bananas” over bitcoin and later making it clear that the only reason he was allowing bitcoin for tickets was because he knew there was an audience out there for crypto payments.