In recent news, it was announced that Mark Cuban – the billionaire owner of the Dallas Mavericks basketball team – will allow Dogecoin to be utilized for purchasing tickets and merchandise related to the team. Many analysts and industry experts see this as a positive move, but Mike Novogratz – a billionaire investor and former hedge fund manager – is less than pleased about the idea.
Mike Novogratz Is Against Dogecoin
Cuban has never really taken bitcoin or crypto seriously, even commenting in the past that he would rather have “bananas” over bitcoin. That said, he does acknowledge that there is a crypto audience out there, and that many are eager to use crypto over cash or credit cards. Thus, he was quick to permit bitcoin payments for ticket sales and merchandise surrounding the Dallas Mavericks.
Now, it looks like Dogecoin will be joining the ranks as an official payment method for the team, something that Novogratz seriously questions. Novogratz has always been a huge fan of bitcoin and respects the technology behind most cryptocurrencies. However, when it comes to Dogecoin, he just can’t fall behind an asset that started out as a joke.
In a recent interview, he stated:
Let’s put people in the safest best stuff, not these joke coins. I think Mark’s making a mistake, there. He’d be better off with 15 other different ways to pay for his tickets.
Dogecoin is often recognized by the cute little Shiba Inu dog that serves as its mascot. While it may not have the same reputation as bitcoin or Ethereum, it can be argued that Novogratz probably isn’t considering all the elements of Dogecoin, as the asset has been on a serious roll as of late.
Just last month, the joke currency spiked by more than 300 percent after several Redditors joined hands on social media to pump the asset. In addition, the currency has repeatedly garnered attention from the likes of Elon Musk, the South African entrepreneur behind billion-dollar ventures such as Tesla and SpaceX. It was even rumored at one point that Musk would serve as the currency’s new CEO, though that never came about.
Still, much can be said for a currency that began the way it did and ultimately paved its way to a $1 billion valuation. Novogratz, on the other hand, doesn’t see things this way. In fact, he’s made tons of money in the past by betting against Dogecoin and claiming it will fall. He says that the currency has seemingly made its way into several young investors’ hearts, but that they stand to lose the most if they listen to these feelings, and that if they’re going to go crypto, bitcoin is the best answer.
BTC Is Still King in His Mind
That existential threat of bitcoin not being real is gone. Every institution in the world is participating.