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Tuesday, May 21, 2024

Billionaire Mark Cuban Goes For Bitcoin Over Gold ‘All Day, Every Day’

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“Shark Tank” billionaire investor Mark Cuban weighed in on Bitcoin’s recent rally, stating that he has invested in the cryptocurrency due to its strong capability as a store of value.

Bitcoin surged past $68,000 on Tuesday, inching closer to its all-time high, as more funds pour into the top cryptocurrency by market value.

Cuban told CNBC in an interview published late Monday that he was uncertain about the exact portion of his portfolio allocated to crypto, “but it’s happy.”

“There’s only going to be 21 million of [Bitcoin]. The more people that buy and the fewer people that sell, that means the price is going to go up. That’s just the nature of it,” he said. “It’s a great store of value. That’s why I have an investment in it. Because I do feel that the demand is going to exceed the number of people selling.”

Cuban has earlier revealed that a significant portion of his crypto portfolio, about 60%, consists of Bitcoin. The remainder is primarily allocated to Ethereum (30%), while the other 10% is diversified across various other tokens.

Ethereum’s Functionality Key To Future Success, Cuban Says

Cuban said Ether is a little more different from Bitcoin, in that its value is more influenced by its utility. He suggested that further utility for the blockchain network hinges on the approval of an Ethereum-based Spot ETF.

Ether last traded around $3,700, and is up 61% in the last month.

Cuban reiterated a major drawback he finds in the crypto space — the absence of an app widely embraced by people of all ages, including grandparents. He wishes for an app so popular that even seniors would feel the need to use it just because everyone else does.

“We need that transitional application for crypto to be ubiquitous,” he said. “But until then, just from an investment perspective, I’m investing in Bitcoin over gold all day every day.”

Mark Cuban’s Crypto Misfortunes

Still, Cuban has not always had good luck in crypto. One of his crypto wallets was hacked last September, resulting in losses of around $870,000 across different cryptocurrencies.

He was also embroiled in a lawsuit over his promotion of crypto broker Voyager. Allegations suggest he misled investors about the platform, resulting in substantial losses. Cuban and Voyager CEO Steve Ehrlich allegedly persuaded potential customers to invest in the platform, the lawsuit claimed. As of March 5, no settlement has been reached in the case.

The post Billionaire Mark Cuban Goes For Bitcoin Over Gold ‘All Day, Every Day’ appeared first on Cryptonews.

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