Cuban said that Bitcoin can be a better option than gold because coins are available in very limited quantities.
Mark Cuban, an American entrepreneur, and TV personality was recently asked to advise beginners on which cryptocurrency they should invest in as beginners. Cuban explained further how he weighs different cryptos and suggested that Ether possesses an “upside” while Bitcoin offers better scalability than others. Cuban also recommended Dogecoin for “fun” and added that these alternatives can be utilized by beginners to explore the emerging crypto domain.
Ether, Doge, and Bitcoin: What Makes Crypto Valuable According to Cuban
The Shark Tank famed investor has opined that the smart contracts or collections of code based on Ethereum Blockchain were the ultimate game-changer that compelled him to explore the crypto space. He further elaborated on the fact that these smart contracts offer a wide variety of options such as decentralized finance, applications, and NFTs which makes these alternatives highly attractive and profitable. Cuban also expressed his desire to have purchased Ether earlier since he believes that ETH is closest to what we have as a “true currency.”
He additionally suggested that Bitcoin on the other hand can be a better alternative than gold because coins are available in very limited quantities by design. Cuban also explained the uniqueness attached with Dogecoin and stated that the Shiba Inu-inspired currency can be utilized as an effective medium for the acquisition of goods and services. “The Doge community is the strongest we have when it comes to using it as a medium of exchange,” Cuban told CNBC.
Mark Cuban possesses an extensive portfolio when it comes to crypto proceedings, which includes significant investments in Bitcoin, Ether, Dogecoin, and altcoins. He further expanded his investments by including NFTs and many blockchain companies. Cuban also proudly owns the Dallas Mavericks, a prestigious basketball team that had recently started accepting ticket payments in Doge. In February, Cuban had bought a small amount of Dogecoin with his 11-year-old son Jake, stating that the purchase was made casually to educate himself more about the crypto space.
However, it is to be noted that cryptocurrencies are volatile and highly speculative, hence user discretion is necessary while investing in such assets. Financial experts have recommended conducting proper research and investing small optimized amounts, in the beginning, to test the current crypto volatility and price fluctuations before proceeding into any such type of financial trading.