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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.
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.