Dallas Mavericks owner Mark Cuban tweeted about Dogecoin again over the weekend, saying the form of cryptocurrency could become a useful currency if things fall the right way.
Cuban said Dogecoin could hold a lot of purchasing power as long as more companies continue to use it. Cuban’s Mavericks allow people to use their dogecoins at the team shop, for example.
- “If interest rates skyrocket or the amount spent falls or stagnates, so will Doge. Yes, a joke is now legit,” Cuban tweeted.
Cuban said Dogecoin needs to gain utility in the markets. People need to have a chance to spend it for it to become a valuable currency.
- “Meme coins like Doge only work if they gain utility and users use them for that utility,” he tweeted.
- “As long as more companies take doge for products/services, then Doge can be a usable currency,” he tweeted.
Cuban has been one of the most notable names talking about the meme-based Dogecoin cryptocurrency. He recently talked about it with Ellen DeGeneres on “Ellen,” the daytime talk show.
Cuban said his son, Jake, invests in Dogecoin because it’s low risk and can have a high reward, too.
- “So the question everyone wants to know, is Dogecoin a good investment? And here’s the reason I got Jake into it. It’s not necessarily the best investment you can make, but you can buy it on Robinhood, and signing up and trading on Robinhood is free. So that’s one thing,” Cuban said.
- “The second thing is it’s about 26 cents per dogecoin. So if you go and spend $5, $10, $15, that’s a better investment than buying a lottery ticket. And you know what? It could go up,” he added. “It’s also becoming a digital currency, which is crazy if you think back to its origins.”
Cuban also said that the once-internet meme can be better than a lottery ticket.
- “But, overall, when someone brings up Dogecoin to you and asks you if it’s a good investment, I wouldn’t say it’s the world’s best investment, but it’s a whole lot better than a lottery ticket and it’s a great way to learn and start understanding cryptocurrencies,” Cuban said.
Cuban’s comments have previously led to a spike in Dogecoin’s value, as I wrote for the Deseret News. So we’ll have to see if the same happens again.