Mark Cuban recommends investing in dogecoin for ‘fun,’ but says ethereum has the most upside when it comes to crypto

'Shark Tank' star Mark Cuban
‘Shark Tank’ star Mark Cuban. Christopher Willard/ABC via Getty Images
  • Mark Cuban said ethereum has the “most upside” in the crypto world, CNBC reported.
  • The billionaire investor said dogecoin is “fun” and educational.
  • The meme-inspired coin also has the best use-case for buying goods and services, he said previously.

When it comes to crypto, billionaire investor and Shark Tank host Mark Cuban said ethereum might be the best bet.

“As an investment, I think ethereum has the most upside,” Cuban told CNBC Wednesday. So far this year, ethereum has multiplied its price five times, and is now worth $US3,751.57 ($AU5,084), according to data from Coinmarketcap.

Cuban said he wished he had bought ethereum sooner because it’s the closest thing “to a true currency,” he said.

Ethereum uses code stored on blockchain called smart contracts, which enable two parties to exchange money without needing a middleman. Because these contracts have multiple use cases, like NFTs and DeFi, they have changed the crypto space, Cuban said in the CNBC report.

But they are also ripe for fraud, he said last month, and need regulation such as proof of identity.

As for other cryptocurrencies, Cuban, who also owns the Dallas Mavericks, recommended investing in dogecoin for “fun” and for educational purposes, CNBC reported.

On Twitter in May, Cuban revealed he bought 3,250 dogecoins with his 11-year-old son. He also gets dogecoins from Maverick tickets and merchandise sales.

The billionaire investor has said previously the meme-inspired altcoin has the best use-case for buying goods and services because it is mined on a fixed schedule. Bitcoin, however, is more akin to gold because it’s an appreciable asset, so people don’t use it to purchase items, he’s said.

Bitcoin has been surging this past week and is nearing its record of $US65,000 ($AU88,078). It rose 5% to $US57,494.38 ($AU77,908) early Thursday, according to Coinbase data.