Bitcoin

Dogecoin Is The 'Gateway Drug' To Bitcoin? Mark Cuban Agrees – Benzinga – Benzinga


Dallas Mavericks owner Mark Cuban has once again shown his love for Dogecoin (CRYPTO: DOGE) over apex cryptocurrency Bitcoin (CRYPTO: BTC).

What Happened: Cuban agreed with a comment by a Twitter user that Dogecoin and its knockoff coins are the “gateway drug” to Bitcoin.

A gateway drug refers to an introductory drug whose use is thought to lead to the use of more severe drugs over a period of time.

Other Twitter users responded to the tweet by showing their support for either Dogecoin or Bitcoin.

One Dogecoin supporter said he would not have owned the amount of Bitcoin that he currently holds without the help of Dogecoin.

Another Twitter user said he feels that Dogecoin is the gateway drug to more meme cryptocurrencies, while a Bitcoin fan said that the apex cryptocurrency introduced him to the world of cryptocurrencies.

See Also: How To Buy Dogecoin (DOGE)

Why It Matters: Cuban is a big proponent of Dogecoin — which shot to prominence last year, in major part due to endorsement from Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk.

The Dallas Mavericks became one of the first entities to begin accepting Dogecoin for ticket purchases and merchandise in March last year and a slew of other companies — including AMC Entertainment Holdings, Inc. (NYSE:AMC)  — followed suit.

The meme cryptocurrency is also seeing high interest from retail investors.

Last week, Cuban defended his comments about Dogecoin being better suited for payments than Bitcoin and said that the apex cryptocurrency will never be a hedge against inflation.

Price Action: Bitcoin is down 0.9% during the past 24 hours, trading at $41,847.96 at press time, while Dogecoin is down 1.9% to $0.1663.

Read Next: This Play-To-Earn Coin Named After Elon Musk’s Pet ‘Floki’ Is Up Over 800% Today Even As Dogecoin And Shiba Inu Slump

Photo: Courtesy of Gage Skidmore via Wikimedia





READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.