Billionaire investor and Dallas Mavericks owner Mark Cuban cautioned against investing large sums of money in cryptocurrencies like Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB).
What Happened: In a recent press conference announcing a partnership between Voyager Digital Ltd (OTC:VYGVF) and the Dallas Mavericks, Cuban had some words of advice for first-time cryptocurrency investors.
“You don’t have to spend a lot of money in order to learn. It’s not like the stock market where it’s almost impossible, except on a few platforms, to spend $10 and get started,” Cuban said in response to whether it was “too late” to get into cryptocurrency.
Cuban explained that his 12-year-old son first inspired him to get into Dogecoin when it was less than a penny. The investor saw it as an inexpensive opportunity for his son to “learn how all of this works.”
He believes the same logic can be extended to anyone getting into cryptocurrency for the first time today, with users being able to invest as little as $5 in Dogecoin and Shiba Inu.
“But the other thing, look, there’s investments, things like Shiba Inu and Dogecoin, those aren’t investments,” he added.
See Also: Voyager Digital Surges After Bagging $75M From Alameda Research To Make Crypto More Accessible
Earlier this year, Cuban said he believed the reason Dogecoin is so popular as a payment method at the Mavericks store was that it was easy to spend and doesn’t appreciate so much that people want to hold forever.
“I’ve never told anybody it’s a great investment,” Cuban said. “I’ve often said that it’s a great way to get to understand how cryptocurrency works, how to invest in the market, and it’s a better investment than a lottery ticket if you’re trying to hit a home run.”
Price Action: At press time, DOGE was trading at $0.2732, gaining 3.8% in the last 24 hours. SHIB was up by 16% during the same period, trading at $0.00007216 at the time of writing.
Photo: Courtesy of Gage Skidmore / Wikimedia