Mark Cuban Deems Bitcoin A Superior Store Of Value But Maintains Dogecoin Will Dominate Payments – Here’s Why

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Mark Cuban Deems Bitcoin A Superior Store Of Value But Maintains Dogecoin Will Dominate Payments - Here's Why
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Key takeaways

  • Billionaire Mark Cuban opens up about his favourite cryptocurrencies Bitcoin, Dogecoin, and Ethereum. 
  • For Cuban, Bitcoin is the best store of value.
  • Dogecoin remains the best for payments, while Ethereum needs to “figure out” proof-of-stake. 

Among the favorite cryptocurrencies of Mark Cuban including Bitcoin, Dogecoin, and Ethereum, the billionaire owner of NBA team Dallas Mavericks, has said that he considers Bitcoin to be the best store of value, Dogecoin was better as a medium of payment, while Ethereum still faced risks of being displaced by other blockchains if it did not implement its switch to proof-of-stake soon.

He made the comments during a recent live conversation. During the audio conversation, Cuban stated that he considers Bitcoin to be the best asset to preserve wealth. His stance is not surprising as, during an interview with CNBC earlier this week, the billionaire stated that he would not be investing in a Bitcoin ETF as it made more sense to him to just hold the cryptocurrency itself.

He also asserted that DOGE offers the best means for newcomers to the crypto-community to learn about the market as it was cheap and very easy to purchase compared to others that had a high entry barrier.

Meanwhile, Cuban who recently called Ethereum the cryptocurrency with the “most upside potential” has seemingly expressed doubts about the second largest cryptocurrency as he stated that the network still had to figure out its planned switch to proof-of-stake (PoS).

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According to him, the fact that the network had been delaying its launch of the “difficulty bomb” that would with time make Ethereum proof-of-work miners not to be profitable still needed to be figured out. This is due to the fact that other competing blockchains were likely to overthrow them if that was not done soon.

“Vitalik [Buterin, founder of Ethereum] will figure it out,” he surmised.

Notably, the statements are a reiteration of the stance he has long held about Bitcoin and DOGE. Similar to Elon Musk, Cuban considers Dogecoin to be the best medium of payment and is full of praises for the easygoing nature of the Dogecoin community. Cuban’s Dallas Mavericks are one of the few institutions that accept Dogecoin as payment. The Dallas Mavericks began accepting the meme coin for its merchandise and tickets back in March.

However, a comparison of the price performance of the cryptocurrencies shows that Bitcoin has had the best performance recently of the three. The pioneer cryptocurrency continues to show why it is in the first place as it has surged 26.5% in the last 14 days. Bitcoin is trading at around $62,000 and needs to increase about 6482% to reach its previous all-time high. Dogecoin and Ethereum are currently trading around $0.24 and $3,785 respectively having added 7.65% and 12.5% in the last 2 weeks.