Mark Cuban bets heavy on cryptocurrencies

Last month, in January, a cryptocurrencies flash crash wiped out 500 billion US dollars off a 1.68 trillion dollars market and sent the whales into a stop-loss hunting frenzy. Meanwhile, Mark Cuban recently said that 80% of his new investments are cryptos.

“in January, a cryptocurrencies flash crash wiped out 500 billion US dollars off a 1.68 trillion dollars market”

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Mark Cuban bets heavily on cryptocurrencies despite last month’s cryptocurrency flash crash

Mark Cuban said he didn’t focus on the price speculation around cryptocurrencies like Bitcoin and Dogecoin, comparing it to “gamesmanship” akin to stocks.

Dallas Mavericks owner and billionaire Mark Cuban broke down the crypto space in practical terms, in a recent podcast.

Mark Cuban called the cryptocurrencies “decentralized and trustless,” with token holders having “typically equal vote” to determine the direction of each project.

Mark Cuban finds the libertarian Token holder equal vote aspect of cryptocurrencies attractive. 

“The investments I’m making now are not in traditional businesses,” said Cuban. “Eighty percent of the investments I make that are non-Shark Tank are in and around cryptocurrencies,” said Mark Cuban.

So Mark Cuban bets heavily on cryptocurrencies, and it indicates that the billionaire investor is taking a long-term bullish view on cryptocurrencies.

“The investments I’m making now are not in traditional businesses”

MARK CUBAN

Mark Cuban imagined how a decentralized autonomous organization, or DAO, could operate in providing colonoscopies and other necessary medical procedures. His vision that online streaming, barely known just a few decades ago, would one day disrupt Videos, as a way of viewing films was bang on the money. Mark Cuban believes that today cryptocurrencies will disrupt many traditional institutions, including banking, insurance, and the book industry. 

“It’s 1995 for cryptocurrencies,” said Cuban, referencing that the crypto industry was still in its early days similar to the Internet: 

“60 percent Bitcoin, 30 percent Ethereum and 10 percent the rest”
Mark Cuban

“Cryptocurrency is hard to understand and it’s a hassle, but ten years from now, these applications — there’s going to be those that succeed — that’ll create its economy, and just like the Internet days, it’ll be the younger generation that figures it out first and is innovative,” said Mark Cuban.

Mark Cuban bullish views on cryptocurrencies is a far cry from 2019, when he was asked his view on Bitcoin, he replied, “I’d rather have bananas”. He compared Bitcoin to bananas and baseball cards. 

Two years later, in 2021, Mark Cuban said that Bitcoin is a better alternative to gold, and compared Ethereum’s smart contracts to the internet boom of the late 1990s. 

Mark Cuban revealed his cryptocurrencies portfolio in 2021 “60 percent Bitcoin, 30 percent Ethereum and 10 percent the rest,” he said.

But since Mark Cuban bets heavily on cryptocurrencies by backing Polygon (MATIC) and invested hundreds of thousands of dollars in tokenized carbon offsets, Mark Cuban has called for more regulations on stable coins.