Mark Cuban claims that Dogecoin can gain some value thanks to its growing utility.
Billionaire Mark Cuban seems convinced that the joke coin Dogecoin could potentially become a viable currency if it had enough benefits, as evidenced by his recent tweets:
“Joke coins like DOGE only work if they benefit and users use these coins for benefit.”
Mark Cuban, owner of Dallas Mavericks, believes Dogecoin (DOGE) has the potential to become a usable currency if more companies adopt the joke cryptocurrency for its products and services.
Cuban, a big advocate of Dogecoin and other cryptocurrencies, has the purchasing value of Dogecoin; He said that if increasingly adopted by companies, it could hold better than a dollar in the bank and said, “If interest rates skyrocket or the amount spent falls or stops, DOGE will experience the same. Yes, this joke is legal now, ”he tweeted.
Cuban’s NBA team Dallas Mavericks began accepting Dogecoin as a payment method in early March, paving the way for wider vendor adoption.
Since then, many large companies, including the online electronics store Newegg, have started accepting joke cryptocurrency.
Dogecoin now accounts for 10 percent of all BitPay transactions.
Dogecoin’s Infinite Supply
Dogecoin has an inflationary supply with about 5.2 million new coins 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, Cuban sees Dogecoin’s infinite supply as its power because it can gain interest as a digital currency instead of a store of value:
“By definition, any asset with inflation is” infinite, “but that does not reduce it. It turns it from a useful store of value into a potentially digital currency. “