Mark Cuban says Robinhood policy hampers Dogecoin’s growth

Restrictions on withdrawals in the Robinhood app for cryptocurrency trading are the biggest obstacle to Dogecoin’s price growth, according to Dallas Mavericks owner, billionaire Mark Cuban.

Because Doge is the one coin that people actually use for transactions. We take many others via @BitPay. But people spend Dogecoin, and this means more businesses will start taking it. The greatest inhibitor to it’s growth is that you can’t spend the Doge you buy on Robinhood https://t.co/TrhT9pYkcb

— Mark Cuban (@mcuban) April 26, 2021

In his view, the meme cryptocurrency is the only coin that people actually use for transactions.

‘We get many others through BitPay. But people spend Dogecoin, and this means more businesses will start accepting it. The biggest obstacle to its growth is that you can’t spend the tokens you bought on Robinhood,’ Cuban wrote.

In March, the Dallas Mavericks started accepting Dogecoin as payment for tickets, services and merchandise. According to BitPay, the payments processor that facilitated the solution, the number of transactions should reach 6,000 in April.

Co-founder and CEO of Robinhood Vlad Tenev responded to the billionaire’s criticism:

“We are working on deposits and withdrawals! Not just for Dogecoin, but for all coins on Robinhood Crypto”.

Despite limited features, the company’s platform user base is growing rapidly, rising in the first three months of 2021 from 1.7 million to 9.5 million.

In March, Robinhood announced the addition of a crypto wallet to the service.

Earlier, Cuban bought Dogecoin for his 11-year-old son for educational purposes.

According to the billionaire, in his investment portfolio of digital assets, 60% is Bitcoin, 30% Ethereum, and only 10% are other coins.

Earlier, Cuban compared Bitcoin to Amazon during the dot-com bubble.

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