In a recent interview, billionaire Mark Cuban announced that he has started investing in companies whose business is not traditional, reports BeInCrypto.
Cuban invests in cryptocurrencies
Billionaire Mark Cuban, famous for his appearance on the ABC reality show Shark Tank, invests 80% of his funds in the cryptocurrency industry.
” The investments I make now are not in traditional businesses Cuban said in his recent interview.
The businessman is the owner of the Dallas Mavericks (Mavs), an NBA team that recently partnered with crypto venture Voyager. The Mavs now accept Dogecoin (DOGE) for payments and have touted memecoin as the cryptocurrency” the most powerful as a medium of exchange.
Cuban goes crazy for the DAOs
Cuban is interested decentralized autonomous organizations. DAOs are blockchain-based entities managed by governance token holders. The number of tokens held by an individual gives them proportional influence over how the DAO should be managed.
According to the entrepreneur, banking and insurance will be strongly affected by new technologies. He warned banks to be afraid of decentralized finance (DeFi).
Cuban is confident in the future of DeFi and smart contracts, a key element of DAOs. ” The smart contracts can change the world “, he launched at the microphone of CNBC.
The billionaire has also invested in a fintech company called Seashell which offers high returns through secured crypto loans. Cuban’s cryptocurrency holdings are split as follows: 60% bitcoin (BTC), 30% ether (ETH) and 10% altcoin. His altcoin holdings could include AUDIO and WETH tokens if a particular wallet address turns out to be his.
Cuban advises that the utility of a token should be established before investing because utility defines value.
Cryptocurrencies aren’t for everyone, says Cuban
However, Cuban does not ignore reality and draws comparisons between the crypto space and the casino industry.
” It’s reminiscent of the early days of the internet “, he estimated. ” The same is happening today. It’s the year 1995 for cryptocurrencies. »
The contractor do not believe nor that bitcoin is an effective means of inflation protection and views such claims as “ more than a marketing gimmick “.
Cuban admitted that cryptocurrencies may not be for everyone right now, saying crypto technology is difficult to understand and that’s a problem. But, according to the billionaire, in about ten years there will be those who will succeed in it and this will create its own economy. Cuban possesses also many NFTs, including a Cryptopunk and at least one Bored Ape.
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