Mark Cuban, Bullish Market, And Cryptocurrencies: Love Triangle
Mark Cuban is a well-known businessman and owner of the Dallas Mavericks. He’s also shown interest in cryptocurrency, which spurred him to invest in different types of cryptocurrencies. One of the cryptocurrencies he invested in is Ethereum. In this article, we will talk in detail about what Mark Cuban thinks about cryptocurrency, how many portfolios he holds in the form of cryptocurrency, and what are his future plans. So, without further ado, let’s have a look!
Dogecoin Has More Potential Applications Than Cardano: Mark Cuban
In the past, Mark Cuban has compared cryptocurrency to the Internet. He called it a Bitcoin killer when he announced his intention to invest in Blockchain last year. At that time his first investment was in Ethereum Classic. Now, according to Cuban, cryptocurrencies such as the DOGE coin have more potential than Cardano with their smart contracts and use cases.
“I will say Dogecoin has more potential applications and use cases than Cardano. That’s my personal opinion.” Cuban said.
Cuban also points out that the hype around the technology is what drives its prices up and down, so really you could be talking about two different coins with two different price patterns. Dogecoin, unlike Cardano, has more potential than other cryptocurrencies because it is more usable and more adopted. He also added that Dogecoin being a meme currency was never taken to be something serious. This gave them a great opportunity to create one of the best technologies in the world.
When Cuban first invested in Ethereum, he called it Bitcoin 2.0 and now he once again calls Ethereum “the best platform for smart contracts”. So it’s clear that his interest in cryptocurrency hasn’t diminished over time. Also, he is bullish on what Dogecoin has to offer and how it can be used in real-life situations and not just be a trading currency.
Ethereum’s Merge Could Be ‘Sell The News’ Event, Says Mark Cuban
Cuban thinks a hard fork on the Ethereum blockchain could be a possible way to solve the scalability issues that its network is facing right now. As matter of fact, he would like to see a hard fork happen but it has to be very careful in how they handle it. He added that it could be an opportunity for traders to sell the news and make some quick profits.
He thinks that the best way to do it would be to merge Ethereum and Ethereum Classic. If a hard fork does occur, then there will be two separate Blockchains, where one for all the transactions that are on the current blockchain and another for all the transactions from pre-fork. That would mean whatever you do on one blockchain will stay on that blockchain forever.
Bear Market Will Last Until Crypto Apps Are Actually Useful
Mark Cuban thinks that cryptocurrencies have been having a great year, but we’re in a bear market and it will last until more people start using the apps. He thinks that Bitcoin is “stuck” between $2000 and $8000 levels, which is a little bit scary since it hasn’t broken through the resistance zone of $11000 at all. The only reason why the price hasn’t gone up is that there are so many people out there buying or selling.
Cuban thinks that many people have acquired cryptocurrencies in hopes of them going up in value, but they have neglected to think about the fact that they are useless until they are used. So the applications need to be put out there and be made useful if cryptocurrencies will rise again. The market was so hyped up last year that the people who bought in are now focusing on getting out of their positions.
The Shark Tank Investor is also keeping a close eye on Bitcoin Cash, which he thinks could either go high or fall completely apart. He even compared it with the Segwit2x hard fork.
Cuban is actually a believer in cryptocurrency and blockchain technology. He’s also invested in other blockchain projects such as Unikrn and the ICO of Adaptive Media. He thinks that the ICO market is going to be a great area for investments over the next few years. And he’s not alone, as many companies are making use of this new way to raise funds and build up their portfolio for the future development of their businesses.
What If Cardano Was On “Shark Tank”?
Cubans also commented on the Cardano (ADA) project, stating that if it was on “Shark Tank,” he wouldn’t invest in it. He thinks that investors will have a very hard time getting a return on their investment. He thinks that they are going after a good cause, but doesn’t think it will be profitable.
Finally, Cuban reiterated his belief that Bitcoin is the best store of value in the world and he wants to own more of them in the long term. That’s why he invested in Bitcoin when it was valued at under $20,000. He’s now focusing on investing in companies that have real-world applications and that can help change the lives of millions of people.
Mark Cuban Says 80% Of His Investments That Aren’t On ‘Shark Tank’ Are Crypto-Related
The crypto enthusiast and owner of the Dallas Mavericks and AXS TV are bullish on blockchain companies.
He said “I’m not saying that there aren’t people who made money in some of these ICOs, but that’s not the typical path,” Cuban told CNBC’s Squawk Box.
“I just hope people are paying attention to what’s happening. I guess it could be like any bubble sort of thing, you know how it goes through this cycle. There’s going to be a lot of money made. That’s why I’m in this space.”
If that doesn’t convince you it can go higher, he then continued by saying “I’ve got a good feel for the market. If you take into account how much we made on Bitcoin, Ethereum, and other cryptocurrencies, compared to what we lost on our cryptocurrency investments last year as a percentage of my net worth, it would have been 80 percent,” he said.
Cuban sits on the board of directors and owns shares in Overstock.com (OSTK), which is an online retailer. He isn’t selling his Bitcoin or Ethereum yet because he still believes that “the world is changing and technology will only continue to evolve”.
Interested in seeing that happen? Cuban is entering the space with his company Block.one, which is acquiring EOS for $4 billion. He wants to get involved in the ICO and software development businesses, which is why he created Block.one.
He’s starting this company by investing $1 billion of his own money and they will be using most of that money to invest in other companies such as Overstock and EOS.
What Is The Strategy Behind The Success Of Mark Cuban When It Comes To Cryptocurrencies?
He has a good sense of the current market and believes that Dogecoin can be used in real-life situations. He knows that cryptocurrencies are going to be used in the future and is investing in them to make profits for the future.
Mark Cuban’s Advice For New Crypto Investors
The billionaire owner of the Dallas Mavericks, AXS television, and chairman of the Esports team Infinite Esports & Entertainment shared his advice for new cryptocurrency investors.
“You can’t look at the cryptocurrency market and say coin x is better than coin y because it’s not based on anything. That’s what happened in 2011 when people were saying Bitcoin was better than gold or silver. And then it wasn’t. Just because it’s different doesn’t mean it’s better. You need to have a reason why you’re getting into something.”
He continued, “So I think people just jumping in the cryptocurrency market thinking they’re going to make a bunch of money is going to lead to a lot of pain. That’s what happened in 2011, people got excited about the new currency and forgot about how they were supposed to be using it for anything other than speculation. And then they got hurt.”
He advised people to do their homework, saying “If you’re going to invest in something and it’s not just because you like the way it sounds and you want to be part of the movement, which is fine. You got to find a reason why that thing is going to be worth more in the future than it is today.”
So Mark Cuban is definitely bullish on Bitcoin and crypto, but he still acknowledges that we are in a bubble. However, it’s evident through his interviews that he does see the application of blockchain technology and cryptocurrencies in real-life scenarios. He was an early investor in Bitcoin when the price was less than $10,000 a coin. In this article, I have tried to give you a detailed overview of what Mark Cuban thinks about cryptocurrency, his investment strategy, and his views on different cryptocurrencies. We will keep you updated with more news about Mark Cuban, his future investments, and what other cryptocurrencies he invests in.