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What was the catalyst behind Mark Cuban’s purchase of Dogecoin cryptocurrency


Oct 11, 2021
What was the catalyst behind Mark Cuban's purchase of Dogecoin cryptocurrency

Dogecoin news

If you look at the history of the development of cryptocurrency Dogecoin, it should be noted that this cryptocurrency was created as a kind of joke. Only now, the company founder of the brand plans to hire employees.

In fact, there are many reasons why the billionaire invested a large sum of money in this cryptocurrency.

One reason is that Mark found this investment quite amusing.

Dogecoin cryptocurrency was originally purchased for his son at the beginning of winter because this cryptocurrency was an example of what investing is all about. Cuban wasn’t trying to diversify his portfolio about this cryptocurrency. Just recently, Fox Business interviewed this billionaire to whom he stated that he never said that investing in Dogecoin cryptocurrency was a way to make money. However, he bought this cryptocurrency just for fun, tripling his small capital of $500.

Of course, this is not a big amount, considering he recently told Delphi Digital that he is ready to spend fifty thousand dollars at the very beginning of the coin, if he considers it a worthwhile investment. And at the time, he admitted to owning only ten coins.

People from all over the world pay with this cryptocurrency

What was the catalyst behind Mark Cuban's purchase of Dogecoin cryptocurrency

Mark Cuban differentiates between the joke coin dogicoin and crypto industry pioneers Bitcoin. He stated that people don’t tend to pay with bitcoin because they use it for accumulation and it should be held for a longer period of time.

Mavericks fans are more than happy to pay with Dogecoin cryptocurrency because no one seriously considers this cryptocurrency for long-term investments and people don’t plan to hold it forever.

Cuban is still interested in smart contracts to this day

Most of the smart contracts are based on the Etherium network, he suggests that the future cryptocurrency Etherium is quite promising, as you can create a lot of applications based on its blockchain. In the future, smart contracts will be of huge importance for the whole financial industry.

Mark said that he tries to invest his money in various projects based on decentralization, including NFT.

Bitcoin, Dogecoin, Etherium – you can buy them at almost every cryptocurrency exchange, but we recommend not to use others’ experience and to research the market yourself and define your strategy according to your finances and goals.  The golden rule of cryptocurrency, don’t invest money that you are not ready to lose that you can’t afford to lose.

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