Billionaire investor Mark Cuban has hailed Bitcoin, Ethereum and Dogecoin as being the cryptocurrencies with the greatest potential for investors.
Contradicting Bitcoin bear and gold proponent Peter Schiff, the Dallas Mavericks owner argued that Bitcoin was better than gold because of its algorithmic scarcity.
However, he singled out Ether as the top investment, claiming the second-largest cryptocurrency had “the most upside” in its future, saying he wished he had bought into Vitalik Buterin’s brainchild sooner because “it’s the closest we have to a true currency”.
Cuban also pointed to Dogecoin as a good option to learn the ropes about cryptocurrency and its impact on the market.
The meme coin has grown into a major player in the altcoin market thanks to its supporters such as Elon Musk and Cuban himself. According to CoinMarketCap.com, at the time of writing, Dogecoin was jumping by 12.72% to $0.268.
Earlier this year, Dogecoin became one of the top 10 cryptocurrencies by market value.
Cuban claims Dogecoin is ‘only for fun’
Dogecoin received favour from Cuban as he thought the coin had a unique use case. He reiterated his recent thoughts on the altcoin, saying it was a “medium that can be used for the acquisition of goods and services”.
He recently confirmed he tripled his stake in Dogecoin with a “ridiculous chunk” – from $500 to $1,500.
While Cuban has been highly supportive of Dogecoin, calling it the “people’s way to pay”, he also said he only owns the token only for fun.
Cuban, though, has an extensive crypto portfolio, which includes Bitcoin, Ether, Dogecoin and other altcoins, NFTs and many blockchain companies.
However, in light of the Securities and Exchange Commission letting the first US Bitcoin futures exchange-traded funds start trading, Cuban said he won’t be investing.
When asked whether he’d buy the ETFs once they were officially listed, he answered: “No, I can buy Bitcoin directly.”
And, even though he claimed Doge and other cryptos were not “such a great investment” he recommended some tech stock, especially Netflix and Amazon, as a better alternative.
In his recent podcast, famous crypto bull Anthony Pompliano commented on Cuban’s way of thinking and questioned “is the Bitcoin futures ETF actually the best thing?”.
“Honestly, probably not,” he said.
“The approval of a Bitcoin ‘spot’ ETF would be better for investors, both from a price tracking and fee structure standpoint.
“But beggars can’t be choosers in the beginning. So we are likely going to see the Bitcoin futures ETFs trading at the start of next week.”