KEY POINTS
- Mark Cuban mentioned Dogecoin is the “finest leisure bang to your buck accessible”
- He confirmed he purchased some Dogecoin for his son
- He mentioned he used it to show him concerning the economics of provide and demand
Regardless that Dogecoin has no intrinsic worth, Mark Cuban, decide and investor at “Shark Tank” and the billionaire proprietor of the Dallas Mavericks, mentioned he did purchase the joke cryptocurrency for his son for instructional and leisure functions.
Dogecoin, Cuban mentioned, is lower than a dime, so individuals should buy $1 or $10 price after which have enjoyable watching its value the entire day.
“With all seriousness, it’s the very best leisure financial institution to your buck accessible,” he instructed Forbes in an interview.
He apparently purchased just a few {dollars}’ price of the cryptocurrency for his son, and so they mentioned its value actions and why they happen.
“It’s enjoyable, it’s thrilling and academic for him,” he added, noting that a few of his son’s mates have purchased as properly.
Cuban additionally shared his ideas on Dogecoin when requested for recommendation on Twitter final week. “It provides you a greater probability of successful than a lottery ticket all whereas educating the economics of provide and demand and introducing individuals to crypto belongings,” the billionaire tweeted.
Dogecoin has had its share of pumps and dumps in the past. Recently, however, it reached fever pitch when traders organized on the subreddit r/WallStreetBets turned their attention to cryptocurrency after the GameStop fiasco. Dogecoin became the likely pump target because, as Cuban said, it’s price a dime.
The Dogecoin pump was additionally fueled by Elon Musk, who continuously tweeted concerning the cryptocurrency in earlier weeks. In a Clubhouse chat, he did say he’s tweeting Dogecoin as a joke but in addition mentioned it is going to be ironic and entertaining if it turns into the “world currency” due to the GameStop fiasco.
Many different recognized personalities have tweeted about Dogecoin as properly, together with Kevin Jonas from Jonas Brothers and Kiss member Gene Simmons.
Ought to buyers purchase Dogecoin? One YouTuber interviewed by Forbes named Ben Phillips mentioned individuals needs to be cautious with the cryptocurrency.
“I wouldn’t advise shopping for Dogecoin. However purchase Dogecoin,” he mentioned, noting that there’s at all times this threat of individuals shedding cash.
