Dallas Mavericks owner Mark Cuban argued that Bitcoin (quotation BTC) cannot be considered a hedge against inflation. Again he opined that Dogecoin (DOGE) is better suited for payments than the leading cryptocurrency.
It is not and it never will be
For the past two years, American billionaire Mark Cuban has shown a controversial stance on bitcoin. In early 2020, he was clearly not a proponent of the primary cryptocurrency, saying it is easier to trade bananas than BTC.
Afterward, he began to soften his point of view, and last year he described it as a financial religion, which is better than gold. Contrary to his previous negative comments, he then highlighted the asset as easy to trade, store and create.
During a recent verbal confrontation with prominent YouTube personality Preston Pysh on Twitter, however, Cuban said that BTC will never become an inflation hedge.
Not long ago, his NBA team began accepting bitcoin and other cryptocurrency payments for match tickets and merchandising on his online store. However, the club owner explained that fans are not thrilled to spend their bitcoins as they prefer to hold the asset for the long term, expecting its price to rise over time.
On the other hand, many employ Dogecoin for purchases as they have a completely different attitude towards the meme token:
“We sell thousands and thousands of dollars a month during the off-season, and once the season starts, I expect this to happen a week in Dogecoin - and that's really because it's easy to spend, you don't appreciate it so much that people he wants to keep it forever ".
Check out DOGE's performance over the past year
In his latest tweet, Cuban reiterated that Dogecoin is "good for spending and better than a lottery ticket".
Cuban added that it may have lost some significant ground during the current cryptocurrency, but it has marked a notable performance for the past 12 months. At the time of writing these lines, DOGE is up nearly 1.700% on a 12-month timeline.
Speaking of his personal investment in the meme coin, Cuban recently revealed that he raised it from $ 500 to $ 1.500, explaining that he bought "a little more for fun". Back then, he described Dogecoin as a way to understand how digital assets work, not a successful investment tool:
"I've never told anyone it's a great investment, I've often said it's a great way to understand how cryptocurrency works, how to invest in the market."