Elon Musk and Mark Cuban Believe Dogecoin “Best Bargain” | finance

Although born as a satire on bitcoin (BTC), dogeocin (DOGE) became a very popular cryptocurrency in 2021, eight years after its creation. But, the most interesting thing about this story is that there are famous people and billionaires among its main supporters. Mark Cuban, owner of the Dallas Mavericks basketball team and star of the “Shark Tank” show, and Elon Musk, CEO of Tesla and SpaceX, seem to agree on one thing: for them, dogecoin would be the “best” cryptocurrency to use as a bargaining chip.

Dogecoin (Image: AchwaqKhalid/Reddit)

Last Friday (13), Cuban granted an interview to CNBC in which he stated: “It is a tool that can be used to purchase goods and services… The DOGE community is the strongest when it comes to using it as a bargaining chip.” Of course, Musk couldn’t help speaking out about his favorite cryptocurrency.

In response to the report from CNBC with Cuban’s statements, Tesla’s CEO tweeted on Saturday: “I’ve been saying this for a while.” Both billionaire entrepreneurs have shown themselves to be attracted to the fun nature of dogecoin (and its more than 8,000% appreciation over the past year). In addition, the Shiba Inu dog meme-based digital currency community is an intense and potentially strong ally to the two executives’ businesses.

However, there are many criticisms about the digital asset. His skeptics don’t see the potential that Cuban and Musk believe cryptocurrency has. After all, it is a highly volatile and complicated currency to use for any type of transaction and conventional payment, at least.

Furthermore, both entrepreneurs are accused of manipulating the market with their statements. Dogecoin has such a fickle economy that its main and almost only driver is speculation generated by social media. With an unlimited supply of coins, it will probably always be difficult for your price to be even minimally stable.

Mark Cuban promotes Dallas Mavericks with DOGE

In April, Cuban tweeted that dogecoin would be the “only currency” people actually use for transactions, although he has previously said that ether (ETH) is also effectively used as a digital currency for trading.

“Ethereum is a digital version of a coin,” Cuban told Ellen DeGeneres in April. “And then there’s dogecoin, which is a lot of fun. But the weird part about it is that it has gone from being a joke like a cryptocurrency to now becoming something that is actually becoming a digital currency,” concluded the entrepreneur at the time.

At the time, he also came to comment on bitcoin (BTC). Cuban sees the largest cryptocurrency by market value more as a “digital version of gold” than actually a currency, he told DeGeneres. This is because bitcoin users typically retain their stake for the long term and treat it as an asset to be valued.

The “Shark Tank” star also began accepting dogecoin as payment for official goods from his Dallas Mavericks basketball team as early as March. It announced last Thursday that it would offer special pricing to customers who choose to pay with dogecoin in its summer sale.

Musk moves forward with DOGE implementation on SpaceX

Elon Musk has already suggested taking dogecoin to the Moon by publishing an illustration at the end of February (Image: Reproduction/Twitter)
Elon Musk has already suggested taking dogecoin to the Moon by publishing an illustration at the end of February (Image: Reproduction/Twitter)

Musk is the other big and important figure in this whole story involving the cryptocurrency meme. The self-styled “dogefather” announced it had stopped bitcoin payments for its Tesla electric cars in May out of “concerns about the environmental impacts of cryptocurrency mining.” In addition, he stated at the same time that he was working with dogecoin developers to improve the transaction efficiency of the cryptocurrency network.

Musk also signed a very important transaction with the cryptocurrency meme. In early 2022, his space company SpaceX will conduct an Earth-orbiting mission to transport a Geometric Energy Corporation (GEC) CubeSat satellite. Dubbed DOGE-1, the entire transaction was paid for with dogecoin.

Finally, SpaceX and GEC also revealed last week that they will launch a “space advertising” model alongside the DOGE-1 mission. Pixelated billboards will be attached to the hull of the satellite so that companies can buy a place on the screen to broadcast an image or message live and from Earth orbit. And, not surprisingly, dogecoin will be a form of payment for the service.

Çom information: CNBC

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