Mark Cuban has revealed that apart from his picks from Shark Tank, 80 percent of his new investments are around cryptocurrencies. The business tycoon was recording a podcast with former Daily Show host Jon Stewart when he made the revelation. The owner of NBA's Dallas Mavericks team is already known for his support for the expanding crypto culture. Cuban believes that while Bitcoin will make for new-age gold, Ethereum is the closest we have to a real currency.
The 63-year-old Shark Tank investor talked about his admiration for the decentralised element of cryptocurrencies. Cuban is impressed with the fact that crypto holders get a say in directing the overall trajectory of their favourite tokens.
“The investments I'm making now are not in traditional businesses. Eighty percent of the investments I make that are non-Shark Tank are in and around cryptocurrencies,” Cuban told Stewart.
Cuban acknowledged that the sector of cryptocurrencies is still up and coming, but also reinstated his trust on the budding space.
He compared the current sceptical sentiment around the crypto space to how the Internet was looked at back in 1995.
“[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 own economy, and just like the Internet days, it'll be the younger generation that figures it out first and is innovative. It's 1995 for cryptocurrencies,” the billionaire added.
Cuban, in his own capacity, has been trying to drive crypto adoption in the US.
His basketball team was one of the first to start accepting payments in Dogecoin for its merchandise and soon after that, Cuban said, a 550 percent increase in Doge payments just after the first month were observed.
The billionaire investor has a diverse crypto portfolio himself. It includes the big names such as 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.
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