Mark Cuban Once Preferred Dogecoin Over Bitcoin For Settling Transactions: Here's How Much You'd Have Today If You Put $1000 In The Memecoin When He Made That Remark

Billionaire entrepreneur and popular television personality Mark Cuban is a well-known Dogecoin DOGE/USD bull.

Over the years, the "Shark Tank" investor has used social media to voice favorable opinions about the meme cryptocurrency

What happened: In one such conversation on X back in Jan. 2022, Cuban argued that DOGE had greater transactional utility than Bitcoin BTC/USD, the world's largest cryptocurrency.

"If you think you should HODL BTC because it is the future, why would you ever spend it," Cuban remarked in response to arguments about Bitcoin’s advantages in conducting fast and secure transactions.

If you think you should hodl BTC because it is the future, why would you ever spend it? With DOGE, you are buying into a community that is fun. If it goes up in value, there are lots of places to spend it and it's like getting a discount. It's a non perishable lottery ticket

— Mark Cuban (@mcuban) January 11, 2022

"With DOGE, you are buying into a community that is fun. If it goes up in value, there are lots of places to spend it and it’s like getting a discount," the celebrity investor stated. 

He also called DOGE a "non-perishable lottery ticket," emphasizing the speculative but utility aspect of the popular meme coin.

Meanwhile, data indicated Bitcoin’s popularity as a transaction medium. In November, Bitcoin had a nearly 28% share in total transactions recorded on the platform, compared to just 5.52% for DOGE,  according to the world's largest crypto payment service provider, BitPay.

See Also: North Korean Hackers’ Suspected Presence Triggers Over $500 Million In Outflows From Crypto Exchange

When Cuban voiced this opinion, one unit of DOGE was priced at $0.153689. So, if you got swayed by his words and invested $1,000, it would have fetched you 6506.64 units of the cryptocurrency.

Today, one DOGE is worth $0.3247. This means that your stash would be worth $2112.70 at current market prices, marking a return of 111%.

Why It Matters: Unlike many top voices, Cuban has put his money where his mouth is.

During his tenure as the principal owner of the professional basketball team Dallas Mavericks, he started accepting Dogecoin as payment for tickets and merchandise. In an AMA session in January, Cuban confirmed that the Mavs still accept the meme coin.

As of this writing, he doesn’t hold any DOGE in his cryptocurrency portfolio, according to data from on-chain analytics firm Arkham Intelligence.

Apart from DOGE, Cuban doesn't support investments in meme coins, describing them as a "game of musical chairs with money."

Price Action: At the time of writing, DOGE was exchanging hands at $0.3247, down 2.08% in the last 24 hours, according to data from Benzinga Pro.

Shares of MicroStrategy plummeted 8.78% to $332.23 during Monday’s regular session but were up 1.35% in pre-market trading.

The stock has a consensus price target of $449.5 based on the ratings of 12 analysts, with an average price target of $546.67 between Bernstein, TD Cowen, and Barclays.

Image via Flickr

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