Mark Cuban Says 80 Percent of His New, ‘Non-Shark Tank’ Investments Back Crypto Sector

Cuban is impressed with the fact that crypto holders get a say in directing the overall trajectory of their favourite tokens.

By Radhika Parashar | Updated: 14 January 2022 14:32 IST

Mark Cuban Says 80 Percent of His New, ‘Non-Shark Tank’ Investments Back Crypto Sector

Photo Credit: Reuters

Mark Cuban pays his NBA team Dallas Mavericks in cryptocurrency

Highlights

Cuban has acknowledged understanding crypto space is a hassle
Cuban Predicted bright future for cryptocurrency
Compared its current state to what Internet was in 1995

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.

When I look at crypto, I look as an entrepreneur and ask how do any combination of Smart Contracts, Decentralization, Security and Economics, enable a better way to do business and create opportunity. If I see one, I start or invest in it. https://t.co/2BW0KyuRFA
— Mark Cuban (@mcuban) January 12, 2022

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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Further reading: Mark Cuban, Bitcoin, Ether, Dogecoin, Cryptocurrency

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More