2021-08-03 08:00:00

Dogecoin: Is Doge rising? Is the crypto token a big risk?

Is Dogecoin a bad investment? That’s what “Shark Tank” star Kevin O’Leary — known as Mr. Wonderful — thinks about the Doge cryptocurrency token.

Dogecoin and investing

O’Leary, who stars on “Shark Tank” as a potential investor for startups and small businesses, appeared on CNBC this week to talk about cryptocurrency. The conversation turned to Dogecoin, according to Bitcoin News.

  • “I don’t participate in that kind of thing. I don’t understand why anybody would, but that’s their own choice,” he said.

In fact, O’Leary said investing in Dogecoin is more like casino gambling in Las Vegas, according to Bitcoin News. He said he doesn’t even call it “investing.”

  • “When you speculate on something like Dogecoin, that’s no different than going to Las Vegas and putting your money on red or black. It’s pure speculation,” he said, according to Bitcoin News.

Is Dogecoin good for learning investing strategies?

Dallas Mavericks owner Mark Cuban — who also stars on “Shark Tank” — told daytime talk show host Ellen DeGeneres that Dogecoin taught his son, Jake, about investing. He said his son bought about $30 worth of Doge.

  • “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.

Cuban said the Dallas Mavericks accept Dogecoin in the Mavericks team store, too. He said it was better than playing the lottery.

  • “But, overall, when someone brings up Dogecoin to you and asks you if it’s a good investment, I wouldn’t say it’s the world’s best investment, but it’s a whole lot better than a lottery ticket and it’s a great way to learn and start understanding cryptocurrencies,” Cuban said.

Is Dogecoin on the rise?

Not really. In fact, cryptocurrency traders are panicking about the future of crypto in the United States, as the $550 billion bipartisan infrastructure bill in Congress right now has details about raising funds from cryptocurrency, according to Forbes. This has spooked investors into thinking that the bill could kill the cryptocurrency industry.

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