Hardly a week seems to go by without billionaire and Tesla CEO Elon Musk speaking out about the meme-coin dogecoin (DOGE). He has been mentioning the coin in many of his tweets for some time and is often praising the cryptocurrency. As a result, the price of dogecoin sometimes rises enormously, although this effect of Musk on the price seems to be weakening.
Dogecoin as payment method
In another tweet, Musk cites that he believes that dogecoin can have a bright future. According to him, dogecoin is perfectly suitable for use as a means of payment.
He stated this in response to a news report that Mark Cuban, also a billionaire and crypto fan, is using dogecoin. strongest crypto mentions that it could possibly be used as a means of payment. Elon Musk is therefore not the only person who firmly believes in this.
I’ve been saying this for a while
— Elon Musk (@elonmusk) August 14, 2021
Dogecoin Adoption
Mark Cuban has been the owner of the Dallas Mavericks basketball team since 2000. In March of this year, he already decided that it will be possible to buy tickets for competitions and certain merchandise with dogecoin.
So there are already examples of very clear adoption of the meme coin as a means of payment.
It is often criticized that dogecoin has an infinite supply. There is no limit to how many dogecoins exist in the world and a large amount is added every day. However, Mark Cuban sees this as an advantage.
He argues that such ‘deterministic inflation’ will actually contribute to the effectiveness of dogecoin as a means of payment. Bitcoin (BTC), which has a maximum of 21 million coins, is therefore correct according to Cuban not a realistic means of payment. He mainly compares bitcoin with gold.
As influential figures within the cryptocurrency world, Musk and Cuban have the opportunity to significantly boost dogecoin adoption.
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