Since the U.S. government declined to regulate cryptocurrencies, the value for virtual currencies have started to gain rapid momentum. Elon Musk and other major crypto users have also fueled the growth.
Since its sudden decline in May, Bitcoin has surged 20% in the past seven days to touch the $45,000 mark this week. Value of other currencies like Ethereum and Dogecoin have also increased.
This week, billionaire entrepreneur and the owner of the NBA team Dallas Mavericks, Mark Cuban also added fuel to the flame by calling Dogecoin as the best cryptocurrencies for transactions.
Dallas Mavericks started accepting Dogecoin as payment method for merchandise in March. On Thursday, the team announced that it will have special offers and exciting prices for those who will use Dogecoin during their summer sale.
Talking about the proposal for regulation of cryptocurrencies, Cuban said, “Shutting off this growth engine would be the equivalent of stopping e-commerce in 1995 because people were afraid of credit card fraud. Or regulating the creation of websites because some people initially thought they were complicated and didn’t understand what they would ever amount to.”
Talking about Dogecoin, a crypto that was initially created as a joke, Cuban said to CNBC, “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.”
The maker of Broadcast.com, Cuban, thinks that Dogecoin has the strongest community due to its ability to be used in multiple places. In April, while in a show hosted by comedian Ellen DeGeneres, Cuban said, “Ethereum is a digital version of a currency. And then you got dogecoin, which is just fun. But the weird part about it [is that] it went from being a cryptocurrency joke to now becoming something that’s becoming a digital currency.”
While the high price of Bitcoin makes it very difficult for common people to afford it, Dogecoin is both affordable and usable. Cuban compared Bitcoin with gold that people keep as an asset and not for everyday use. Last month, El Salvador became the first country to use Bitcoin as a mode of transaction with their new state funded digital wallet.
Source: Read Full Article