Mark Cuban Expects Thousands in Weekly Dogecoin Sales for Mavericks
October 6, 2021
Dallas Mavericks owner Mark Cuban is doubling-down on the viability of Dogecoin ahead of the NBA’s regular-season tip-off later this month. The Shark Tank star anticipates that the Mavs will bank “thousands and thousands” per week in U.S. dollars through Dogecoin transactions with fans.
“A lot of people pay in dogecoin,’’ Cuban said Monday on Fox Business. “We sell thousands and thousands of dollars per month during the off-season. Once the season starts, I expect that to happen per week in dogecoin. Because it’s easy to spend, and it doesn’t appreciate so much that people want to hold it forever.”
On March 4th of last season, the Mavericks announced that fans could use Dogecoin to buy tickets and merchandise via the team’s online store. At that time, Dogecoin was trading at roughly 0.05 USD, or half of one penny. Dogecoin is currently valued around 25 cents after reaching a high of about 69 cents in May.
The Mavericks, in 2019, began accepting other cryptocurrencies such as Bitcoin in partnership with payment processing provider BitPay. Other teams to accept crypto include the Sacramento Kings, San Jose Sharks and Oakland A’s.
NFL players such as Russell Okung and Sean Culkin are known to have converted parts of their salaries to Bitcoin — while stars like Tom Brady and Steph Curry have signed endorsements with crypto firm FTX. But Cuban does not foresee teams directly paying their players in anything but traditional dollars.
“It’s no big deal, but it’ll end up that [players] will have less money,” Cuban told Fox Business. “The reason is there’s transaction costs for us to go from dollars to bitcoin, and then to transfer it to them. So it’s actually easier for them just to get paid in cash and then buy bitcoin on their own.’’