Mark Cuban Talks Dogecoin: ‘You’ve Got To Know Why You’re Investing’

NEW YORK-MAR 30: TV personality Mark Cuban attends the "Woman In Gold" New York premiere, in conjunction with The Carlyle and ef+facto at the Museum of Modern Art on March 30, 2015 in New York City.
Debby Wong / Shutterstock.com

If you’ve been considering dipping your toes in the cryptocurrency game, entrepreneur and Dallas Mavericks owner Mark Cuban has some advice he’d like to share when it comes to crypto — specifically, Dogecoin (DOGE): “You’ve got to know why you’re investing.”

See: 10 Best Cryptocurrencies To Invest in for 2021
Find: Dogecoin’s Popularity: Is It Still Worth an Investment?

In an interview with The Daily Beast, Cuban said that it’s “easy to get lost in the hype of Dogecoin, GameStop or AMC, and I’m not saying don’t invest in those companies because they can be good investments, but you’ve got to know why you’re investing.”

“Are you investing because of some video you saw on TikTok, or a video you saw on YouTube, or a friend told you?” he adds in the interview. “Those aren’t good enough reasons. Part of the fun in investing is doing the homework, finding out companies and seeing if it’s something you agree with — and believe in.”

Related: Tesla Will Resume Accepting Bitcoin When There is ‘Reasonable Clean Energy Usage by Miners,’ Musk Says

In March, Cuban’s Mavericks said they started to accept Dogecoin as payment for Mavs tickets and merchandise “for one very important, earth shattering reason, because we can! Because we can, we have chosen to do so,” Cuban said in a statement on the Mavs website at the time.

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In a tweet yesterday, Cuban added that “crypto businesses make more sense than you think and valuing tokens is easier and makes more sense than you think. They are just businesses like any other, with a few HUGE advantages.”

Economy Explained: Where Does Cryptocurrency Come From?

He elaborated on the matter in a blog post, saying that while not every crypto blockchain or DeFi project will work, as “these facts are not a secret in the crypto world.” Elaborating, Cuban goes on: “There is an incredible amount of competition. So much in fact, many, if not most will not work. They will not get enough users or generate enough fees to succeed […] Crypto is brutally competitive.” However, Cuban still believes that when it comes to crypto vs. traditional, centralized businesses, “all other things being equal, I’m taking crypto every time.”

See: Is Crypto Too Risky? 12 Experts Weigh In
Find: Mark Cuban’s Top Investing Advice

DOGE was up 7.16% in the last 24 hours, standing at $0.33 this morning, according to CoinMarketCap.

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Last updated: June 14, 2021

About the Author

Yaël Bizouati-Kennedy is a former full-time financial journalist and has written for several publications, including Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She also worked as a vice president/senior content writer for major NYC-based financial companies, including New York Life and MSCI. Yaël is now freelancing and most recently, she co-authored  the book “Blockchain for Medical Research: Accelerating Trust in Healthcare,” with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in Journalism from New York University and one in Russian Studies from Université Toulouse-Jean Jaurès, France.

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