According to Mike Novogratz, Mark Cuban’s Dogecoin Decision might be a Mistake

Dogecoin is already popular, and there is no confusion about it, and its adoption rate among millionaires and successful financial corporations around the world is pretty handsome already. Following the same rage, Mark Cuban did announce to adopt Dogecoin to make payments for the Dallas Mavericks ticket and merchandise by the fans. According to the tech entrepreneur, it would come out as a convenient way for buying tickets and getting their hands on merchandise by the fans while promoting blockchain and cryptocurrency in general.    

But according to the CEO of Galaxy Digital, Mike Novogratz, this very division of Mark Cuban doesn’t sound impressive but would turn out to be a mistake. Talking with a crypto new agency, he added that Mark should have gone with 15 other crypto payment systems and not Dogecoin. The argument proposed by Mike revolved around the fact that people should be put in the safest spot always, and this joke of a cryptocurrency is not safe; in fact, he had made money on betting in favour of the Dogecoin’s price drop on the price charts. 

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How did the Crypto Audience and Dogecoin Backers Take this Criticism?

Many in the crypto community backfired right away regarding Mike’s criticism for Dogecoin, but if observed under fine circumstances, then it can be said that Dogecoin indeed is a meme based crypto to which its creator has also said that all of it was intended as a joke. But what matters the most is not the financial value of the coin but its adoption and sentimental value as well. Dogecoin currently has the people’s support. For all good reasons, it had been among the top cryptocurrencies that were mentioned a lot in the past few months after Bitcoin and Ethereum, according to Twitter’s crypto tracker. 

Mark Cuban was not the only one to adopt Dogecoin as many others, such as Bitpay, a crypto service provider, have added Dogecoin among the list of eligible cryptocurrencies merchants can be paid in. It means that there is something about Dogecoin that makes it more than a meme-based cryptocurrency, but then again, the criticism is not wrong as well; some serious notes should be taken here, and regulations regarding the safety of the consumers should be brought forward regarding Dogecoin.    

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Hassan Mehmood (Saudi Arabia)

Hassan is currently working as a news reporter for Tokenhell. He is a professional content writer with 2 years of experience. He has a degree in journalism.

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