Billionaires Elon Musk and Mark Cuban say that meme cryptocurrency Dogecoin (DOGE) is the strongest medium of exchange among digital assets.
Cuban tells CNBC Make It that Dogecoin is carving out a niche that gives it an edge over other crypto assets.
“It’s a medium that can be used for the acquisition of goods and services. The community for Doge is the strongest when it comes to using it as a medium of exchange.”
In response, Tesla chief executive Elon Musk says that he’s been espousing the same message for quite some time.
“I’ve been saying this for a while.”
Cuban, who is the owner of the Dallas Mavericks, tells his 8.5 million Twitter followers that while his NBA team is accepting payments in any crypto, most buyers are choosing to pay with Dogecoin.
“I don’t shill Doge. I shill the products and services of my companies. Where we allow people to pay in ANY crypto.
95% of the sales are in DOGE. Customers CHOOSE to use DOGE. We can argue everything and anything [regarding] BTC, but right now DOGE is the people’s way to pay.”
The Shark Tank star also says that DOGE’s two use cases make it easy for people to adopt the meme cryptocurrency.
“The point about DOGE that people miss is that DOGE’s imperfections and simplicity are its greatest strengths. You can only use it to do 2 things: spend It or HODL [hold] It. Both are easy to understand. And it’s cheap to buy. Which makes it a community anyone can join and enjoy.”
In May, Cuban said that Dogecoin cannot survive without users and utility.
“Meme coins like DOGE only work if they gain utility and users use them for that utility. As long as you can spend DOGE, because we know its annual inflation rate is set at 5 billion coins, it can gain SOME value as the utility grows. It becomes like any other currency…”
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