Dogecoin: Is it bad or good for cryptocurrency?
Dogecoin co-creator Billy Markus said Monday that Dogecoin acts as a gateway for people to enter the field of cryptocurrency.
What did Dogecoin’s creator say about Doge?
Someone tweeted at Markus this week about how Dogecoin shouldn’t be seen as a “gateway drug” into cryptocurrency. But Markus said it is a learning tool for people.
- “Doge is very likely the thing this makes someone interested in crypto,” he wrote on Twitter.
- “What they do after that is up to them! But it’s not a threat to the space, it’s quite the opposite,” he added. “It’s helped the space tremendously.”
This mirrors what Dallas Mavericks owner Mark Cuban told Ellen DeGeneres on “Ellen” when he was trying to explain Dogecoin. As I wrote for the Deseret News, Cuban said he lets his son invest in Dogecoin so he can understand the markets of cryptocurrency.
- “So the question everyone wants to know, is Dogecoin a good investment? And here’s the reason I got Jake into it. It’s not necessarily the best investment you can make, but you can buy it on Robinhood, and signing up and trading on Robinhood is free. So that’s one thing,” Cuban said on “Ellen.”
- “The second thing is it’s about 26 cents per Dogecoin. So if you go and spend $5, $10, $15, that’s a better investment than buying a lottery ticket. And you know what? It could go up,” he added. “It’s also becoming a digital currency, which is crazy if you think back to its origins.”
Should you invest in Dogecoin?
Jordan Awoye, the managing partner at Awoye Capital, a financial service company, wrote in an opinion piece for CNBC that people who want to make money fast probably should avoid Dogecoin because it has a volatile market. There’s also a lot of risk with such a fast-moving market that could cost you a lot of money.
However, he said one of the benefits of Dogecoin is that it requires a low investment. it’s worth less than $1 in value — hovering in the $0.40 to $0.70 range in recent weeks — so there’s a not a huge risk if you invest a little bit, as per CNBC.
- “I explain to clients that they need to determine how much risk they can handle, especially when it comes to cryptocurrency. And since every individual is different, the conversation will be focused on that person’s goals before deciding how much risk to take,” he wrote for CNBC.