Mark Cuban has revealed that apart from his Shark Tank picks, 80 percent of his new investments will be in cryptocurrencies. The business tycoon was recording a podcast with former Daily Show host Jon Stewart when he made the reveal. The owner of the NBA’s Dallas Mavericks team is already known for his support of the expanding crypto culture. Cuban believes that while Bitcoin will create New Age gold, Ethereum is the closest thing to a real currency.
The 63-year-old Shark Tank investor spoke about his admiration for the decentralized element of cryptocurrencies. Cuban is impressed by the fact that crypto holders have a say in controlling the overall development of their favorite tokens.
“The investments I am making now are not in traditional companies. Eighty percent of my non-Shark Tank investments are in and around cryptocurrencies,” Cuban told Stewart.
When I look at crypto, I look at it as an entrepreneur and wonder how a combination of smart contracts, decentralization, security and economics will enable a better way to do business and create opportunities. When I see one, I start or invest in it. https://t.co/2BW0KyuRFA
— Mark Cuban (@mcuban) January 12, 2022
Cuban acknowledged that the cryptocurrency sector is still on the rise, but also restored his confidence in the burgeoning space.
He compared the current skeptical mood surrounding the crypto space to looking at the internet in 1995.
“[Cryptocurrency is] hard to understand and tedious, but ten years from now these applications – there will be those that will be successful – will create their own economies, and just like in the days of the internet, it will be the younger generation that finds out first and is innovative. It’s 1995 for cryptocurrencies,” the billionaire added.
Cuban, in its own capacity, has attempted to push crypto adoption in the United States.
His basketball team was one of the first to start accepting payment in Dogecoin for its goods, and soon afterward, Cuban says, saw a 550 percent increase in Doge payments just after the first month.
The billionaire investor has a diverse crypto portfolio himself. It includes the big names like Bitcoin, Ether, Dogecoin and other altcoins.
Interested in Cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 Podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.
Cryptocurrency is an unregulated digital currency, not legal tender and is subject to market risks. The information provided in this article is not intended to and does not constitute financial advice, trading advice, or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not responsible for any loss arising from any investment made on an accepted recommendation, forecast or other information contained in this article.
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