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Wed. 13 Oct 2021, 5:53pm ETBenzinga
In: Cryptocurrency, Sports, Markets, Trading Ideas, General

One of the most vocal bulls of Dogecoin (CRYPTO: DOGE) in 2021 has been Mark Cuban. The Dallas Mavericks began accepting Dogecoin as a form of payment for tickets and merch earlier this year, but DOGE might not be Cuban’s favorite cryptocurrency anymore.

What Happened: Cuban chose two cryptocurrencies as his favorite investments in the space.

“As an investment, I think Ethereum has the most upside,” Cuban told CNBC. He has been bullish on Ethereum (CRYPTO: ETH) in many conversations throughout 2021.

Smart contracts on the Ethereum blockchain “really changed everything” for crypto, Cuban said on “The Delphi Podcast” in April.

“I wish I had bought sooner,” Cuban said of Ethereum. “I think it’s the closest we have to a true currency.”

Cuban said Bitcoin (CRYPTO: BTC) is “better gold than gold,” but wouldn’t go as far as recommending BTC over ETH. Cuban likes the fact that there is scarcity with Bitcoin due to its limited amount in existence.

Dogecoin is recommended by Cuban as the top cryptocurrency to learn the space and the community involvement. Dogecoin is a top 10 cryptocurrency by market cap and Cuban sees the influence from community and supporters as part of the reason, calling an investment in Dogecoin “fun.”

“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.”

Related Link: If You Invested $1,000 In Dogecoin When The Dallas Mavericks Began Accepting The Meme Cryptocurrency, Here's How Much You'd Have Now 

Why It’s Important: Cuban is a leading voice in the cryptocurrency space with a handful of investments in coins, non-fungible tokens and companies in the space.

Cuban revealed in August he owned $494 worth of Dogecoin, representing around 1,470 DOGE. He has added to that position since it was revealed. 

The Mavericks accepting Dogecoin led to strong sales of merchandise and interest in the team from the community. Other professional sports teams started running promotions around the cryptocurrency and exploring ways to accept crypto payments.

The Mavericks owner bet $1 million on either Bitcoin or Ethereum outperforming the S&P 500 over the next 10 years.

Price Action: ETH trades at $3,569 at the time of writing. BTC trades at $57,113. DOGE trades at $0.2302.

Photo: Courtesy of Mark Cuban's Instagram.