Popular TV personality Mark Cuban explains why he invests in Bitcoin instead of gold and also shares why he believes Bitcoin is the best store of value.
Mark Cuban, born July 31, 1958, is an American entrepreneur known for his involvement with the Dallas Mavericks, 2929 Entertainment, and as a “shark” on Shark Tank. He bought Bitcoin for the first time, but in a panic he sold the Bitcoin during the downtrend and took a loss, but later he realized that he had made a big mistake. Later, he studied Bitcoin and blockchain and also started researching other top cryptocurrency projects to invest his money.
On March 5, 2024, Mark Cuban appeared in an interview with CNBC TV. In the interview, he said he was not sure what part of his portfolio actually was in Bitcoin and cryptocurrencies, but he was happy.
Moreover, he said that since there are only 21 million Bitcoins and only a few people will sell and a huge number of people will buy, Bitcoin’s trading price will only skyrocket.
According to the Shark Tank star, the nature of Bitcoin is really good and makes it better for investing as a store of value, which is why he is investing in Bitcoin.
In the past, Cuban has stated that his cryptocurrency portfolio includes 60% Bitcoin, 30% Ethereum, and 10% other cryptocurrency tokens.
Cuban praised the Ethereum blockchain and said it is different from Bitcoin. He said Ethereum’s value depends on the utility of the Ethereum network, and that further utility will come once the Ethereum spot ETF application secures approval from U.S. securities regulators.
Regarding the downsides of cryptocurrencies, Cuban said there is a need for cryptocurrency apps that can be used by all ages so that everyone understands cryptocurrencies and the need to use them.
Moreover, he said that his current views are more focused on investing in Bitcoin than daily gold.
Also read: Stanford University fund manager allocates 7% portfolio to Bitcoin (BTC).