Famous billionaire Mark Cuban claims that Dogecoin (DOGE) can gain some value thanks to the increased utility. Mark Cuban also states that Dogecoin is a currency.
Mark Cuban: Dogecoin could potentially turn into a viable currency
Billionaire Mark Cuban believes that the cryptocurrency Dogecoin could potentially become a viable currency, according to recent tweets. Mark Cuban adds the following to his comments on the subject:
Meme coins like Doge only work if they provide benefits and users use them for this utility.
Mark Cuban’s NBA team Dallas Mavericks began adopting Dogecoin in early March, paving the way for larger businesses to adopt cryptocurrency.
Mark Cuban: DOGE may gain some value through increased utility
Following the move of Mark Cuban’s NBA team, many major companies, including the online electronics store Newegg, have begun accepting joke cryptocurrency in payments. Cryptocoin. com
As we previously reported as , DOGE now also has a large share in BitPay transactions. Dogecoin has an inflationary supply, with around 5.2 million new cryptocurrencies coming into circulation each year.
This is believed to be one of the main risks of cryptocurrency. The more money enters the market, the harder it will be to maintain current price levels. However, Mark Cuban sees Dogecoin’s infinite supply as its power. Because, according to the billionaire, the altcoin project can gain traction as a cryptocurrency rather than a store of value. Also, Mark Cuban claims that Dogecoin could gain some value thanks to the increased utility. Mark Cuban adds the following to his comments on the subject:
Any asset that has inflation by definition is “infinite”. However, this does not reduce it. The utility changes from a store of value to a potentially cryptocurrency.