Mark Cuban Explains Why People Prefer To Pay With Dogecoin Over Bitcoin
Mark Cuban, the owner of NBA team Dallas Mavericks said that people don’t like buying tickets with their Bitcoin holdings because it is an appreciable asset. Instead, they prefer Dogecoin, which is “easy to spend.”
Cuban told Fox Business why the Dallas Mavericks chose to include Dogecoin payments to its website. The basketball team has accepted and still accepts Bitcoin payments for tickets and merchandise.
Cubanexplained that bitcoin payments had not gained more traction, as according to the Shark Tank star people are not keen to pay with bitcoin because “it’s really an appreciable asset”. Instead people are more inclined to hold their bitcoins because they want to make a profit from it.
Enter Dogecoin
Cuban’s move to accept Dogecoin payments has paid off for the Dallas Mavericks big time. In its first month, Dogecoin sales had grown 550% for the basketball team and Cuban confirmed that they have continued to see great sales with Doge. Unlike Bitcoin, people are more inclined to pay with Dogecoin for merchandise and tickets. Many consider Bitcoin as a “store of value” and Doge is more a short-term investment for many crypto users.
As Dogecoin per coin carries far less value than bitcoin, it is easier for people to pay with the cryptocurrency. In addition, its small transaction fees and unlimited (but controlled) supply make it a more viable means of exchange than bitcoin.
Cuban said:
“A lot of people pay in Dogecoin. We sell thousands and thousands of dollars per month during the off-season. And once the season starts, I expect that to happen per week in Dogecoin.”
Paying Players’ Salaries In Crypto
Regarding a question about paying Dallas Mavericks’ players in partly or fully in bitcoin if they so wanted, Cuban responded by saying “it’s no big deal.”
While Cuban has no problem with paying players in crypto, he expressed concern for the amount the players would get paid in the end referring to conversion and transaction fees. He said that the players might end up getting less in bitcoin. So a better route for the players would be to be paid in dollars, which they can then convert on their own into bitcoin.
Cuban Now Holds $1,500 Worth Dogecoin
Cuban also revealed that he had upped his Dogecoin bag to $1,500. The investor had come under fire earlier in the year when he revealed that he only owned $500 worth Dogecoin. He also pointed out to Fox Business that he had “never told anybody it’s a great investment.”
The Mavericks owner said that investing in Dogecoin is a great way to get a good understanding of the crypto market and said that he personally invested in the cryptocurrency for fun: “It’s a better investment than a lottery ticket if you’re trying to hit a home run.”
