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Mark Cuban Loves Doge ---But Only Owns $500???🤔

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Avatar for The.Part.Time.Economist
2 months ago

Multi billionaire Mark Cuban recently stated that he thinks that Doge is the strongest cryptocurrency as a medium of exchange. Needless to say, this announcement got Doge fans pretty hyped especially after Elon Musk agreed with Mark Cuban on Twitter. All was well until Mark later announced that he owns a mere $494 worth of Doge which makes it approximately .00001% of his total net worth. So, what's going on here? Are celebrities just hyping crypto for publicity, are they genuine, and what does it all mean for your investments? I'll share my thoughts below. 

 

Video Summary

Mark Cuban hypes Doge but only allocates .00001% of his net worth to the project. Depending on your perspective, this can either indicate that he is a fan of Doge but doesn't consider it an investment. Or if you're a bit more cynical, you could take this as a sign of him playing the part of a crypto fanboy to build his personal brand, gain followers, and sell his traditional merch. While many people will debate this, at the end of the day, I hold the opinion that it doesn't matter what Mark Cuban (or any other celebrity) thinks of crypto as we are all responsible for making our OWN decisions. 

Sure, it can be nice to hear a celebrity shout out our favorite coin, but the ongoing Elon love-hate-love relationship with BTC and Mark Cuban's somewhat confusing position on Doge show that we can't invest based on what celebrities say for a few reasons.

  • Celebrities aren't oracles and they can make mistakes

  • Even if they were infallible, we might misinterpret their advice

    • Does Mark Cuban like Doge in theory as a fun community or as an investment

  • Celebrities can change their mind frequently....looking at you Elon

  • At the end of the day, its our money on the line

At the end of the day, we must all find an investment strategy that works for us. Although I do think that community support and public perception of a coin can help it to be more successful, the fundamentals of what a coin does will always be the most important thing for me. As always, thanks for reading and nothing is financial advice. 

 

References

https://www.cnbc.com/2021/08/16/dogecoin-rallies-after-mark-cuban-and-elon-musk-agree.html

https://fortune.com/2021/08/16/mark-cuban-dogecoin-doge-dallas-mavericks-crypto/

 

 

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Comments

You actually took the words right out of my mouth when you said, "it doesn't matter what Mark Cuban (or any other celebrity) thinks of crypto as we are all responsible for making our OWN decisions."

Spot on!

I don't care what the investment ever is. Be it real estate, stocks, bonds, mutual funds—just name one—the only thing that matters at the end of the day is what YOU think of the investment on the basis of your own due diligence to support that.

There are times, even in traditional investments like stocks where one guy can have a little too much influence. I can think of Warren Buffet, and Steve Jobs. But perhaps Steve Jobs is a bit more of a better comparison.

Both of these men are/were tied very closely to their companies, and so you almost had to bear them in mind when you made a decision as to the future of those companies. Steve Jobs was the imagination and the vision of the company. Where does the company go when that is no longer there? And in the same way Warren Buffet is the philosophy of HIS company. Will the successors follow suit exactly as Warren Buffet may have, and what does it mean for Berkshire Hathaway?

In both of these examples you almost HAVE to have at least some thought that the companies are representative of their visionaries and leaders, and their loss either through death or dissolution are probably worth considering.

But crypto based on two guys? Mark Cuban and Elon Musk?

I cannot, for the life of me, understand why anyone would necessarily make any investment decision based on their thoughts, their sentiment, or their opinion. Despite the thought that perhaps it means something if Tesla accepts Bitcoin or Doge or some other coin as a means of payment.

Likewise, any investment is going to move up or down independent of analysts, opinions, media, or anything else for that matter. Because what drives these 'assets' are fundamentals. Those are all that matter.

While I don't know as much about the fundamentals as I do stocks, I do know that there are fundamentals that EXIST in crypto. And when an investor makes a decision to lay down some cash to invest in any of these coins, it is the fundamentals alone that they should be considering.

As to the larger question as to why Cuban only has $500 invested? I guess that is a question only he can answer. And it is a very good one to ask.

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