Billionaire entrepreneur and Dallas Mavericks proprietor Mark Cuban shared his opinion on what occurs to cryptocurrencies when all of the “speculators go away.”
What Occurred: In a latest episode of the Full Ship podcast, Cuban described the favored meme-based cryptocurrency Dogecoin DOGE/USD as “the starter drug for crypto” due to how low-cost and simple it’s to transact with.
Final 12 months, the Mavericks started accepting DOGE as cost for tickets and merchandise along with cryptocurrencies like Bitcoin BTC/USD and Ethereum ETH/USD.
See Additionally: Dogecoin Copycat On BNB Chain Tanks 99% In $4.5M ‘Tender Rug Pull’
“When individuals had been shopping for and buying and selling Dogecoin so much, we had been making 1000’s of {dollars} every week, ten thousand every week, right here and there. So it was actual cash for us,” mentioned Cuban.
“However on the similar time, as soon as individuals stopped speculating on it, individuals misplaced form of the vibe for it.”
The billionaire investor recounted how his nine-year-old son on the time wished to purchase DOGE on Robinhood Markets Inc HOOD as his approach to begin investing in cryptocurrencies.
Cuban defined that, with cryptocurrency usually, you want a cause to purchase the token.
“If it’s only for hypothesis, it’s going to vanish in some unspecified time in the future as a result of 95% of blockchains are going to go. There’s simply no cause for them to exist,” he mentioned.
See Additionally: Mark Cuban Warns Crypto Faces Nightmare From SEC’s Subsequent Transfer: ‘Wait Until You See What They Come Up With’
Worth Motion: Based on knowledge from Benzinga Professional, DOGE was buying and selling at $0.061, down 5% over the past 24 hours.
