Crypto gets a big endorsement from Mark Cuban

Posted: 18 January 2022 9:05 pm
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Billionaire says most of his investments that aren’t on Shark Tank are crypto-related.

Dallas Mavericks owner and billionaire Mark Cuban revealed that most of his investments are in crypto. “The investments I’m making now are not in traditional businesses. 80% of the investments that I make that are not on (the TV show) Shark Tank are in or around cryptocurrencies,” Cuban said on a recent episode of The Problem With Jon Stewart podcast.

Mark Cuban says he’s not involved in price speculation

Instead of speculating about the price of Bitcoin (BTC) or Dogecoin (DOGE), Cuban said he’s focused on decentralized autonomous organizations, or DAOs. These are blockchain-based collectives governed by members’ votes. To have voting rights, members must hold the DAO’s governance tokens.

Cuban is also bullish on smart contracts. These are instructions held on blockchains that power decentralized applications. Smart contracts are used in DAOs, decentralized finance, or DeFi and in nonfungible tokens, or NFTs.

Cuban says he understands the risks

Despite being involved in the crypto sphere, Cuban is realistic about its risks. “It’s like the early days of the internet,” he told Stewart. He called the cryptocurrency space “casino-like” because it’s still so new.

Cryptocurrency “is hard to understand, and it’s a hassle,” Cuban continued. “But ten years from now, there’s going to be those that succeed that will create its own economy.”

Cuban isn’t the only Shark Tank investor involved in crypto

Kevin O’Leary has 33 positions in crypto tokens and blockchains, he revealed in a recent Cointelegraph interview.

“You know, I look at this the same way I look at managing an equity portfolio. Never more than 5% in any one name, never more than 20% in any one sector,” he said.

He’s 10.7% invested in crypto, meaning he has 9.3% more to go to hit the 20% target.

Kliment Dukovski owns Bitcoin as of the publishing date.

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