Dogecoin: Does Mark Cuban think it’s a good investment?

Dallas Mavericks owner Mark Cuban made an appearance on “Ellen” — the daytime talk show with Ellen DeGeneres — and chatted about Dogecoin.

Cuban — when asked by DeGeneres about cryptocurrencies — decided to explain the importance of Dogecoin. He said his 11-year-old son, Jake, is involved in Dogecoin, buying about $30 worth.

  • “So the question everyone wants to know, is Dogecoin a good investment? And here’s the reason I got Jake into it. It’s not necessarily the best investment you can make, but you can buy it on Robinhood, and signing up and trading on Robinhood is free. So that’s one thing,” Cuban said.
  • “The second thing is it’s about 26 cents per Dogecoin. So if you go and spend $5, $10, $15, that’s a better investment than buying a lottery ticket. And you know what? It could go up,” he added. “It’s also becoming a digital currency, which is crazy if you think back to its origins.”

Cuban said the Dallas Mavericks accept Dogecoin — which started as an internet meme — in their team shop, too, according to CoinDesk.

  • “But, overall, when someone brings up Dogecoin to you and asks you if it’s a good investment, I wouldn’t say it’s the world’s best investment, but it’s a whole lot better than a lottery ticket and it’s a great way to learn and start understanding cryptocurrencies,” Cuban said.

Cuban’s history with Dogecoin

Cuban’s recent comments might be a good thing for Dogecoin owners, as his previous comments led to a spike in value, as I explained for the Deseret News.

Cuban previously celebrated Dogecoin on Twitter. He said the cryptocurrency’s biggest issue is not being able to withdraw any of your Dogecoin holdings from the Robinhood app.

  • “The greatest inhibitor to its growth is that you can’t spend the Doge you buy on Robinhood,” Cuban tweeted.

Robinhood CEO Vlad Tenev said he will try to change the Robinhood app to allow people to make sure they can withdraw their holdings, though.