In the past, it has appeared that Mark Cuban – a billionaire investor and owner of the Dallas Mavericks basketball team – was never a huge fan of cryptocurrency. While he acknowledged that bitcoin had a loyal set of followers and thus permitted BTC payments for Mavericks-related merchandise and tickets, he did not speak highly of the asset, claiming in the past that he would rather have “bananas” than BTC.
Mark Cuban Is Getting Into BTC and Ethereum
Now, however, some new information is coming out about Cuban and how he feels towards digital assets. Not only has he invested in and purchased various cryptocurrencies in the past, but he has also refused to sell them, and has hung onto them for quite a while. In a recent interview, it turns out that bitcoin makes up about 60 percent of his total cryptocurrency portfolio, but that he also owns a healthy amount of Ethereum. The remaining ten percent of his portfolio is made up of smaller altcoins.
In the interview, Cuban comments:
People said bitcoin is a currency, and I’m like ‘It’s just not going to work,’ but the entire time, I said it was a store of value where, if you could get people to believe that it was a better alternative than gold, because of its algorithmic scarcity, the price is going to go up… That’s why I own bitcoin and why I never sold it.
Interestingly, while bitcoin makes up the larger part of his crypto portfolio, Cuban says he is becoming rather intrigued with Ethereum, and feels it is the only digital asset out there that is close to working as an actual currency. He is also excited by the technical advancements of Ethereum such as smart contracts. He claims:
What really changed everything was smart contracts. Smart contracts came along and that created defi [or decentralized finance] and NFTs [or nonfungible tokens]. That is what changed the game. That is what got me excited. That is why it is a lot like the internet… That is more lifelike, and so, I have a lot of Ethereum as well. I wish I had bought it sooner, but I started buying it four years ago simply because I think it is the closest thing we have to a true currency.
I’m Looking for More Experience
While he is not naming the rest of the digital assets he is invested in, he says the rest are just there because he wanted something to fill his portfolio. He says he is not all in on these other assets the way he is with both bitcoin and Ethereum. He comments:
There are none that I am just all in on other than bitcoin and Ethereum that I look at as being an equivalent investment… There are some I [buy] for fun, some I do for experience because I want to learn.