Billionaire business owner and Dallas Mavericks owner Mark Cuban has announced details about his NBA group’s cryptocurrency transactions, declaring that if it continues then dogecoin “will definitely strike $1″.
The meme-inspired cryptocurrency is currently trading at simply listed below $0.06, having increased in cost by more than 1,000 per cent since the start of the year.
Mr Cuban announced previously this month that his NBA franchise would begin accepting dogecoin as a form of payment for tickets and merchandise, after the cryptocurrency saw a resurgence in popularity.
” We have selected to do so because often in organization you need to do things that are enjoyable, engaging and hopefully create a lot of PR,” he stated.
” So we will take dogecoin today, tomorrow, and perhaps forever more.”
Just a couple of days after making the announcement, Mr Cuban claimed that the Dallas Mavericks were now “the largest dogecoin merchant in the world” after getting more than 20,000 dogecoins through online deals– just over $1,100 at current costs.
Earlier this year, Mr Cuban stated in an interview with Forbes that he had purchased some dogecoin for his child, in spite of claiming that it has no intrinsic value.
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” We view it and go over all it’s cost motions and why they happen,” he stated. “It’s enjoyable, it’s amazing and instructional for him … It gives you a better chance of winning than a lottery ticket, all while teaching the economics of supply and need and introducing people to crypto properties.”
The fringe cryptocurrency has gotten endorsements from other billionaires, most especially SpaceX and Tesla CEO Elon Musk, who revealed last month that he had also bought dogecoin for his infant kid.
Mr Musk regularly tweets about dogecoin, sharing images and memes relating to the cryptocurrency and the shiba inu pet meme that influenced it.
He has actually even altered his Twitter bio to “CEO of Dogecoin” and recommended that it could one day be the default currency on Mars when SpaceX establishes a nest there, all while declaring that his posts are “simply indicated to be jokes”.
Dogecoin’s cost often appears to increase in the hours following his tweets, prompting regulators to look into his online activity.
Reports in February declared that the Securities and Exchange Commission (SEC) in the United States is investigating Mr Musk’s dogecoin tweets, to which he replied, “I hope they do” It would be awesome.”