Mark Cuban predicts DAOs will transform companies. Warren Buffett’s Berkshire Hathaway embraced the core ideas behind the latest crypto trend decades ago.

Warren Buffett
Warren Buffett.

• Mark Cuban sees decentralized autonomous organizations, or DAOs, as disruptive.

• DAOs run on blockchains, democratize decisions, and use smart contracts.

• Warren Buffett’s Berkshire Hathaway relies on decentralization and autonomy.

See more stories on Insider’s business page.


The tech billionaire Mark Cuban expects decentralized autonomous organizations, or DAOs, to transform how companies are built and run. Warren Buffett’s Berkshire Hathaway embraced decentralization and autonomy decades ago, paving the way for DAOs.

DAOs are “the ultimate combination of capitalism and progressivism,” Cuban tweeted on Monday.

“There are so many features and processes in any given company that can be more efficient and productive using a decentralized, trustless approach. As companies are built on this approach we will see some incredibly disruptive businesses built,” the “Shark Tank” star, Dallas Mavericks owner, and dogecoin champion added.

Buffett’s company showcases the power of the core ideas that underpin DAOs, and it could even be considered the precursor to this new breed of organization.

What is a DAO?

DAOs are digital organizations that provide a fresh way to fund ventures, democratize decisions, and split proceeds. They’re “decentralized” because they’re hosted on a blockchain and all their stakeholders, not just executives and board members, make decisions. They’re “autonomous” because they employ smart contracts that automatically execute actions when certain conditions are met, without requiring human approval.

Typically, anyone who owns tokens tied to a DAO can vote on proposals, and their votes are weighted based on the number of tokens they hold – similar to the voting rights attached to shares. If a proposal garners enough votes, a smart contract is triggered, and the approved action is executed.

“If blockchains, NFTs, smart contracts, DeFi protocols, and DApps are tools, DAOs are the groups that use them to create new things,” Packy McCormick explained in his Not Boring newsletter earlier this year. “If they’re the what, DAOs are the how.”

McCormick also pointed out that Vitalik Buterin, ethereum’s cofounder, highlighted DAOs as a potential blockchain application in ethereum’s white paper in 2013.

Berkshire is an analog DOA

The core principles underlying DAOs, decentralization and autonomy, are key elements of Berkshire’s corporate structure.

Buffett’s company owns scores of businesses, including Geico, See’s Candies, and BNSF Railway, and it employed 360,000 people at the last count. But only a couple dozen people work at Berkshire’s headquarters in Omaha, Nebraska.

That disconnect is possible because Berkshire has decentralized its operations into dozens of subsidiaries, which are themselves divided into thousands of smaller business units. It also embraces autonomy, leaving its subsidiaries to run themselves with virtually no interference.

“We would rather suffer the visible costs of a few bad decisions than incur the many invisible costs that come from decisions made too slowly – or not at all – because of a stifling bureaucracy,” Buffett explained in his 2009 letter to shareholders.

Lawrence Cunningham, a law professor at George Washington University and the author of multiple books about Buffett, highlighted decentralization and autonomy as two of Berkshire’s core management principles in “Margin of Trust.” He concluded that the company’s trust-based culture allowed them to work.

“Neither decentralization nor autonomy are the primary reasons for Berkshire’s success or durability,” he wrote. “Trust is. Autonomy is a manifestation of trust; decentralization is a consequence of it.”

There are clear differences between Berkshire, a sprawling conglomerate of decentralized, autonomous businesses, and DAOs, blockchain-based constructs that rely on smart contracts to strike virtual deals. For one, trust is critical to Berkshire’s success, while DAOs enable “trustless” processes – at least in Cuban’s view.

But it’s fair to say Buffett’s company is grounded in the approach Cuban sees as key to the beneficial disruption brought by DAOs and could be seen as a forerunner of such organizations.

Read the original article on Business Insider

Mark Cuban predicts DA Os will transform companies. Warren Buffett’s Berkshire Hathaway embraced the core ideas behind the latest crypto trend decades ago.

Warren Buffett
Warren Buffett

• Mark Cuban sees decentralized autonomous organizations (DAO) as disruptive.

• DA Os run on blockchains, democratize decisions, and use smart contracts.

• Warren Buffett’s Berkshire Hathaway relies on decentralization and autonomy.

See more stories on Insider’s business page.


Tech billionaire Mark Cuban expects decentralized autonomous organizations (DAOs) to transform how companies are built and run. Warren Buffett’s Berkshire Hathaway embraced decentralization and autonomy decades ago, arguably paving the way for DAOs.

“It’s the ultimate combination of capitalism and progressivism,” Cuban tweeted about DAOs this week. “There are so many features and processes in any given company that can be more efficient and productive using a decentralized, trustless approach.”

“As companies are built on this approach, we will see some incredibly disruptive businesses built,” the “Shark Tank” star, Dallas Mavericks owner, and dogecoin champion added.

Buffett’s company showcases the power of the ideas that underpin DAOs, and it could even be considered the precursor to this new breed of organization.

What is a DAO?

DAOs are digital organizations that provide a fresh way to fund ventures, democratize decisions, and split proceeds. They’re “decentralized” because they’re hosted on a blockchain and all of their stakeholders, not just executives and board members, make decisions. They’re “autonomous” because they employ smart contracts that automatically execute actions when certain conditions are met, without requiring human approval.

Typically, anyone who owns tokens tied to a DAO can vote on proposals, and their votes are weighted based on the number of tokens they hold – similar to the voting rights attached to shares. If a proposal garners enough votes, a smart contract is triggered and the approved action is executed.

“If blockchains, NFTs, smart contracts, DeFi protocols, and DA pps are tools, DAOs are the groups that use them to create new things,” blogger Pa cky McCormick explained in his Not Boring newsletter earlier this year. “If they’re the what, DAOs are the how.”

McCormick also pointed out that Ethereum’s cofounder, Vitalik Buterin, highlighted DAOs as a potential blockchain application in ethereum’s white paper back in 2013.

Berkshire is an analog DOA

The core principles underlying DAOs, decentralization and autonomy, are key elements of Berkshire’s corporate structure.

Buffett’s company owns scores of businesses including Geico, See’s Candies, and BNSF Railway, and it employed 360,000 people at the last count. Yet only a couple of dozen people work at Berkshire’s Omaha headquarters.

That disconnect is possible because Berkshire has decentralized its operations into dozens of subsidiaries, which are themselves divided into thousands of smaller business units. It also embraces autonomy, leaving its subsidiaries to run themselves with virtually no interference.

“We would rather suffer the visible costs of a few bad decisions than incur the many invisible costs that come from decisions made too slowly – or not at all – because of a stifling bureaucracy,” Buffett explained in his 2009 letter to shareholders.

Lawrence Cunningham, a law professor at George Washington University and the author of multiple books about Buffett, highlighted decentralization and autonomy as two of Berkshire’s core management principles in “Margin of Trust.” However, he concluded that the company’s trust-based culture allowed them to work.

“Neither decentralization nor autonomy are the primary reasons for Berkshire’s success or durability,” he wrote. “Trust is. Autonomy is a manifestation of trust; decentralization is a consequence of it.”

There are clear differences between Berkshire, a sprawling conglomerate of decentralized, autonomous businesses, and DAOs, blockchain-based constructs that rely on smart contracts to strike virtual deals. For one, trust is critical to Berkshire’s success, while DAOs enable “trustless” processes – at least in Cuban’s view.

Yet it’s fair to say Buffett’s company is grounded in the approach Cuban sees as key to the beneficial disruption brought by DAOs, and could be seen as a forerunner of such organizations.

Read the original article on Business Insider

Billionaire Mark Cuban says he holds 3,250 dogecoins he bought with his son – and earns added inflows from Dallas Mavericks sales

Mark Cuban
Mark Cuban.

Mark Cuban owns 3,250 dogecoins he bought with his 11-year-old son, the tech billionaire said in a tweet on Saturday.

On top of that, he said, he receives inflows of dogecoin from ticket and merchandise sales for the Dallas Mavericks, the NBA team he owns. In March, Cuban said his NBA team was the largest dogecoin merchant in the world.

The “Shark Tank” host said that since dogecoin is mined on a fixed schedule it could become a feasible payment mechanism.

Screenshot 2021 05 17 at 10.32.41
“Doge has ‘deterministic inflation’ meaning the amount of inflation is defined,” Cuban said in a tweet on Saturday. “There is no uncertainty as to the amount of created and it’s inflation percentage. Which could allow it to grow as a valid payment mechanism. The unknown is whether enough people will use it this way.”

Read more: ‘Wolf of All Streets’ crypto trader Scott Melker breaks down his strategy for making money using ‘HODLing’ and 100-times trade opportunities – and shares 5 under-the-radar tokens he thinks could explode

Cuban, known for investing in unique businesses without relying too much on the stock market, has predicted that stocks will someday be traded via blockchain.

He acknowledged on Saturday that while dogecoin may not find support over the long term, users could take it in a new direction from its original intention.

“Like all generational technologies, it takes a generation to grow up,” he said. “Crypto is in the phase where users need to be educated and products and services need to be sold and deliver on their initial promises. Then, Crypto can mature to the point we wondered how we ever lived with out.”

Dogecoin was trading 5% lower on Monday, at $0.50, but it is up more than 10,000% this year. Cuban’s dogecoin holdings aside from the NBA team revenue would be worth about $1,690 as of Monday.

The meme-inspired digital asset has been under pressure over a series of events linked to the billionaire Tesla CEO Elon Musk. He recently suggested dogecoin could replace bitcoin payments for Tesla vehicles.

Dogecoin is one of the least stable cryptos on the market, according to Anthony Denier, the CEO of the trading platform Webull. “Since many people tie Doge to [Musk], any comments he makes about cryptos in general is going to affect Doge,” he said. “Also, bitcoin leads the crypto market, so for most cryptos, whichever way bitcoin moves, they follow.”

Read the original article on Business Insider

Billionaire Mark Cuban says he holds 3,250 dogecoin that he bought with his son – and earns added inflows from Dallas Mavericks sales

Mark Cuban
Mark Cuban.

Mark Cuban owns 3,250 dogecoin that he bought with his 11-year-old son, the tech billionaire said in a tweet on Saturday.

On top of that, he said he receives an added inflow of dogecoin from Dallas Mavericks sales of tickets and merchandise. In March, Cuban said his NBA team is the “largest dogecoin merchant in the world.”

The “Shark Tank” host said since dogecoin is mined on a fixed schedule, it could grow to become a feasible payment mechanism.

Screenshot 2021 05 17 at 10.32.41

Read More: ‘Wolf of All Streets’ crypto trader Scott Melker breaks down his strategy for making money using ‘HODLing’ and 100-times trade opportunities – and shares 5 under-the-radar tokens he thinks could explode

Cuban, known for investing in unique businesses without relying too much on the stock market, has previously predicted stocks would someday be traded via blockchain.

He admitted dogecoin may not find support over the long-term, but there is potential for users to take it to a new direction from its original intention.

“Like all generational technologies, it takes a generation to grow up,” he said. “Crypto is in the phase where users need to be educated and products and services need to be sold and deliver on their initial promises. Then, crypto can mature to the point we wondered how we ever lived without.”

Dogecoin was last trading 5% lower on the day at 50 cents, but it is up more than 10,000% so far this year. Cuban’s dogecoin holdings, aside from the NBA team revenue, would be worth about $1,690 as of Monday.

The meme-inspired digital asset has been under pressure over a series of events linked to billionaire Elon Musk. But the Tesla boss has suggested it could be a replacement for bitcoin payments made to his electric vehicle-maker.

Dogecoin is one of the least stable cryptos on the market, according to Anthony Denier, CEO of trading platform Webull. “Since many people tie Doge to (Musk), any comments he makes about cryptos in general is going to affect Doge,” he said. “Also, bitcoin leads the crypto market, so for most cryptos, whichever way bitcoin moves, they follow.”

Read the original article on Business Insider

Mark Cuban explains why crypto is the future, especially as the world recovers from a generational pandemic

Mark Cuban.
Mark Cuban.

  • Mark Cuban said cryptocurrencies are the future, especially as the world recovers from a pandemic.
  • The billionaire outlined the two reasons why he thinks the country should shift to digital currencies.
  • Cuban is among the high-profile crypto bulls, and is a particularly vocal backer of meme-based dogecoin.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

As the cryptocurrency market continues to skyrocket – hitting a $1 trillion in February to double its market capitalization in just three months – enthusiasts such as Mark Cuban are increasing calls for the world to embrace digital and decentralized money.

Cryptocurrencies, the billionaire said, are the future, especially as the world recovers from once-in-a-generation pandemic.

On a podcast hosted by Actor Rob Lowe, Cuban outlined the two big reasons why he thinks the country should shift to digital currencies:

More access

The billionaire investor discussed the hurdles involving receiving and cashing stimulus checks faced by many Americans during the pandemic, whether the came via direct deposit or by mail. He also touched on the number of days banks need to clear the checks, pointing to the friction points still encountered when dealing with traditional financial institutions.

“The people who needed the money the most got it to slowest,” he told Lowe. “If everybody had a digital bank account, with or without digital coins, the money would just go just like that, right into your account from the Treasury, whenever there was a stimulus.”

Lower costs

The billionaire also added that transaction costs would drop significantly with digital assets.

While the cost of producing pennies, nickels, and dimes, is less than their actual value, the US Mint allocates billions of dollars yearly to produce these coins.

For the fiscal year last year, the bureau responsible for producing coinage for the US spent roughly $618 billion to produce all the coins combined, according to a Coin News report.

“Then there’s just the physical dealing with it for retailers, which is expensive, and for banks, which is expensive,” he said. “Then there’s the sanitary side.”

There are no cons to moving to digital currency, he said. The only problem is that people are resistant to change.

“Who wants to know what a digital wallet is, or wants to deal with setting up a new type of account?”

Read more: Fundstrat’s head of digital assets research walks us through his $100,000 and $10,500 year-end price targets for bitcoin and ether – and shares the 8 tokens he’s bullish on

The billionaire has long been an advocate of digital currencies. The Dallas Mavericks, which Cuban owns, began accepting the cryptocurrency as payment for tickets and merchandise earlier this year. He also suggested to TV host Ellen DeGeneres that she should allow the use of dogecoin as payment for her show’s merchandise.

Cryptocurrencies have soared in 2021 – with bitcoin rising 95% year to date, ether surging 380%, and dogecoin skyrocketing an astounding 13,000%.

This month, a non-profit called Digital Dollar Project announced that it will launch at least five pilot programs to test the viability of a US central bank digital currency over the next 12 months.

CBDCs, digital versions of banknotes, are meant to be more instantaneous and seamless thanks to digital processing. To date, a number of central banks have been exploring CBDCs spurred by a rapidly growing crypto space and competition from central banks around the world.

Read the original article on Business Insider

Billionaire Mark Cuban highlights rampant speculation in crypto – but says that’s always the case with transformative technologies

Mark Cuban
Mark Cuban.

  • Mark Cuban acknowledged there’s rampant speculation in cryptocurrencies.
  • The billionaire investor said revolutionary technologies often generate hype.
  • Cuban defended the boom by pointing to the growing number of uses for crypto.
  • See more stories on Insider’s business page.

Mark Cuban recognizes lots of people are buying cryptocurrencies, not because they view them as fundamentally valuable, but because they expect others to buy them and drive their prices higher.

“Yes there is massive speculation,” the billionaire “Shark Tank” investor and Dallas Mavericks owner tweeted on Wednesday. However, he argued plenty of transformative technologies sparked feverish excitement as they took off.

“Every single one of the technologies has been dismissed by legacy institutions,” he continued. “Until they weren’t.”

Cuban made those comments in a Twitter thread defending crypto as a revolutionary innovation. He was responding to criticism that his aggressive promotion of dogecoin, a “meme coin” that was created as a joke, would result in buyers losing a bunch of money.

The technology entrepreneur – who became a billionaire by selling his internet-radio startup, Broadcast.com, to Yahoo in 1999 – has been one of dogecoin’s biggest promoters. He went on “The Ellen DeGeneres Show” this week to reiterate his view that the coin is a fun way to learn about crypto, and a better bet than a lottery ticket.

Cuban also highlighted the growing number of uses for crypto in his thread. He suggested non-fungible tokens (NFTs) for digital collectibles, smart contracts, and decentralized finance (DeFi) could fuel demand for digital currencies and underpin their prices in the future.

“If you look at crypto assets whether eth, doge, btc, mkr etc and only see something intangible for people to trade, you haven’t really looked,” he said, referring to ether, dogecoin, bitcoin, and dai. “If you see smart contracts and programming languages and think of new ways to disrupt industries then I’m saying there’s a chance.”

Unsurprisingly, dogecoin has its fair share of critics. Michael Burry of “The Big Short” fame dismissed it as a “doge’s breakfast” and one of several market bubbles, while billionaire investor and bitcoin bull Mike Novogratz warned against buying it and described it as a “dog.”

Read the original article on Business Insider

A ‘FinTok’ star decided to buy tickets to see Dallas Mavericks with Dogecoin and Mark Cuban stepped in to help – here’s what she told us about the experience

The TikTok star Kayla Kilbride.

TikTok star Kayla Kilbride, known online as ‘Robinhoodkid’, isn’t just a Dallas Mavericks fan with a fascination for financial markets.

Mavericks owner and cryptocurrency advocate Mark Cuban has long cheered the fortunes of meme coin Dogecoin, to the point where last month he said fans could buy anything from basketball games, to merchandise, using it.

So 24-year old Kilbride decided to put Cuban’s offer to the test. She already owned the Dogecoin. It was just a matter of buying her tickets to the game and booking her return flight to Dallas from Los Angeles.

“The Mavs have been very forward. Specifically, Mark Cuban has been very forward of like, almost the ease of using Dogecoin to buy Mavs merch and tickets,” Kilbride told Insider.

“That is where it came from. If people are saying that I can use it, I want to try it.”

“I’m not just doing it for the sake of hype”, she said.

Despite saying just this week he couldn’t make sense of the huge jump in the value of Dogecoin, “Shark Tank” star Cuban has been a cheerleader for the cryptocurrency. The Mavericks, which he owns, started accepting the coin as a payment method in early March and have made 122,000 Dogecoins with merchandise sales, he tweeted earlier this month.

Putting her dogecoin earnings of the week towards a Mavericks game just seemed like the right thing to do, Kilbride tweeted earlier this week. Once she had decided to try out the process, Kayla booked a flight to Texas for the game – despite not yet having purchased the tickets for it.

After spending hours unsuccessfully trying to purchase tickets herself, only to find there were none available, she directly tweeted Cuban, who responded almost immediately and connected her to the Mavericks ticketing sales team, enabling her to make the purchase – an amazing experience for her as a creator, she said.

“I’m just trying to convey the story that they’re telling as well and confirm their stories, so I’m incredibly grateful and I grew up watching Shark Tank, so that’s obviously a really big deal for me,” she said. “I’m just trying not to ‘fangirl’.”

Kayla Kilbride at the Mavericks game

Dogecoin has gained almost 350% so far in April, rallying to record highs, as celebrities from Cuban himself, to Tesla boss Elon Musk have tweeted about it.

To Kilbride, who has almost 100,000 followers on her financial TikTok account – a decent following for a niche area beyond the classic lip-syncing and dance routines that tend to feature on the video-sharing app – Dogecoin is more than the joke that led to its creation in 2013.

“Yes, it is a meme coin, it’s a joke, it started as a joke, but it has been modified in order to provide some sort of, I would almost argue, educational value to the coin itself. Not just to crypto, but also to the currencies, the fiat currencies that we use as well,” she said.

She invested in it months ago and was in the process of switching to a Dogecoin Core wallet when it exploded in price and so had to buy back in at a higher rate.

This is not the first time Cuban has taken notice of the likes of Kilbride and her peers on TikTok. “For those of you who would like to learn more about Dogecoin, we strongly encourage you to talk to your teenagers who are on TikTok and ask them about it. They will be able to explain it all to you,” Cuban said when he announced the Mavericks would accept payment in Dogecoin.

Kilbride said she is keen to talk to Cuban himself about Dogecoin more and tried to use social media to get an interview with him at the game on Thursday this week, when the Mavericks beat the Detroit Pistons 127 to 117.

“He literally talks about how TikTokers are the ones educating the young and the old, because the young are then educating their parents on how to use Dogecoin and I’m like ‘If you’re willing to respond to a TikToker, I’ll show you how it’s done’,” Kilbride said.

Read the original article on Business Insider

Billionaire Mark Cuban is selling a motivational quote as a NFT for $1,700

Mark Cuban
Mark Cuban.

  • Mark Cuban is selling one of his quotes as a non-fungible token (NFT) for $1,700.
  • The “Shark Tank” billionaire has 10 of the tokens for sale with a 15% royalty.
  • Cuban is also selling hype videos for his Dallas Mavericks basketball team.
  • See more stories on Insider’s business page.

Billionaire investor Mark Cuban is selling one of his motivational quotes as a non-fungible token (NFT) for $1,700 worth of cryptocurrency.

Cuban’s listing consists of a digital image of him with the words, “Nobody ever changed the world by doing what everyone else was doing – Mark Cuban” pasted on top of it.

The “Shark Tank” star and Dallas Mavericks owner’s quote has been butchered in the listing description: “No one ever changed the world by what everyone else was doing,” it reads.

Cuban still had 10 of the NFTs up for sale at the time of writing. They’re each priced at just under 0.96 ether, the cryptocurrency built on top of the Ethereum blockchain.

NFTs are essentially digital certificates of ownership and authenticity, which are securely stored on a blockchain. They’re unique tokens used to identify and track digital items.

Cuban is charging a 15% royalty on secondary sales, meaning he gets a cut if the buyers of his NFTs resell them in the future.

The investor, who made his fortune by selling his audio-streaming startup to Yahoo during the dot-com boom, has two other items listed on Mintable, a digital-goods marketplace.

“The UnderDog has spoken,” a motivational video for the Dallas Mavericks, is priced at close to $2,300. “MavsSunsGameDayExperience,” a 30-second hype video featuring players dunking glowing basketballs, recently sold for about 0.75 ether or more than $1,300.

The hype around NFTs hit a fresh high this week after one was sold for $69 million in a Christie’s auction. The buyer of the digital artwork goes by the pseudonym Metakovan and runs a NFT fund called Metapurse.

Cuban discussed his own experimentation with NFTs in an interview earlier this week. He described the option to charge royalties on resale as a “game-changer” that has “changed the nature of selling anything digital.”

Read the original article on Business Insider

Mark Cuban says the Dallas Mavericks are the largest Dogecoin merchant in the world – and predicts the token’s price could eventually hit $1

Mark Cuban
  • Mark Cuban said the Dallas Mavericks are now the largest Dogecoin merchant in the world.
  • The NBA basketball team has carried out more than 20,000 Dogecoin transactions, the billionaire said.
  • The investor said if his team sells merch worth another 6.5 billion Dogecoin, the token’s price could hit $1.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Billionaire Mark Cuban announced on Saturday the Dallas Mavericks have completed more than 20,000 transactions in Dogecoin, making his NBA team the largest merchant of the meme-based cryptocurrency.

The “Shark Tank” host said if his team sells merchandise worth another 6.5 billion Dogecoin, the digital asset’s price could hit $1. Dogecoin was last trading 8% higher at $0.055 per coin on Monday.

Cuban tweeted: “The @dallasmavs have done more than 20,000 #Dogecoin in transactions, making us the LARGEST #DOGECOIN MERCHANT IN THE WORLD ! We thank all of you and can only say that if we sell another 6,556,000,000 #DOGECOIN worth of Mavs merch, #dogecoin will DEFINITELY HIT $1 !!!”

Screenshot 2021 03 08 at 08.26.58

The legendary investor’s announcement came two days after he told DealBook the NBA’s Mavericks would begin accepting Dogecoin as payment for tickets and merchandise. “Sometimes in business you have to do things that are fun,” he said, explaining the team’s decision.

Only a month ago, Cuban said Dogecoin has “no intrinsic value” but he bought some for his son anyway for educational reasons. “It gives you a better chance of winning than a lottery ticket, all while teaching the economics of supply and demand and introducing people to crypto assets,” he said.

Dogecoin has got recent boosts from billionaire Elon Musk, rockstar Gene Simmons, and rap legend Snoop Dogg. The Tesla founder sent its price soaring 25% in February when he tweeted “literally” along with an image of the meme-famous Shiba Inu dog. Musk posted another positive tweet about the asset over the weekend, saying: “Doge spelled backwards is Egod.”

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Mark Cuban’s Dallas Mavericks will accept dogecoin for tickets and merchandise

Mark Cuban

In another sign that dogecoin may be moving beyond its roots as a meme token, the Dallas Mavericks are set to begin accepting the cryptocurrency as payment for tickets and merchandise.

Owner Mark Cuban told DealBook Monday that he and his basketball team decided on this, “because we can!” The billionaire entrepreneur added: “Sometimes in business, you have to do things that are fun.” 

This isn’t the first time the team is accepting cryptocurrency as payment. In May 2019, the team began accepting bitcoin “to offer the Dallas Mavs’ global fans a seamless experience to purchase merchandise.” Like bitcoin, dogecoin transactions will be done through BitPay, a cryptocurrency payment processor.

The legendary investor and Shark Tank host has taken an interest in dogecoin, often making his sentiments public through Twitter. Most recently, he tweeted about buying dogecoin to teach his son about investing.

Dogecoin, featuring a Shiba Inu as its mascot, was created as a joke in 2013, but has since entered the spotlight thanks in large part to the attention given by major players such as Elon Musk and Snoop Dog, among other celebrities. Musk in February sent the price of the cryptocurrency soaring 25% with just a one-word tweet.

Dogecoin also got a boost on Monday when bitcoin ATM company CoinFlip tweeted that fans of dogecoin can now buy the cryptocurrency with cash at any of its 1,800 locations nationwide.

Despite the cryptocurrency’s volatility, dogecoin has had a steady climb in the recent months. It is up 825.24% year-to-date. The valuation briefly hovered around a market valuation of $10 billion, making it more valuable than a number of well-known companies.

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