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Mark Cuban Sees Dogecoin Becoming Viable Currency

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Mon, 05/03/2021 - 05:44
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Alex Dovbnya
Mark Cuban claims Dogecoin can gain some value due to growing utility
Mark Cuban Sees Dogecoin Becoming Viable Currency
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Billionaire Mark Cuban is convinced that meme cryptocurrency Dogecoin could potentially morph into a viable currency if it gains enough utility, according to a series of his recent tweets:

Meme coins like Doge only work if they gain utility and users use them for that utility.         

The Dallas Mavericks, Cuban’s NBA team, began accepting Dogecoin in early March, paving the way for its broader merchant adoption.

Since then, multiple major companies, including online electronics store Newegg started accepting the joke cryptocurrency.  
 
As reported by U.Today, it now accounts for 10 percent of all BitPay transactions.

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Dogecoin’s infinite supply

Dogecoin has an inflationary supply with roughly 5.2 million new coins entering into circulation every year.

This is believed to be one of the cryptocurrency’s main fundamental risks. The more coins enter the market, the harder it will be to sustain current price levels.

Cuban, however, sees Dogecoin’s infinite supply as its strength since it can gain traction as a digital currency instead of a store of value:

Any asset that has inflation by definition is “infinite” but that doesn’t diminish it. It changes the utility from a store of value to potentially a digital currency.  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.