Mark Cuban’s Bitcoin Investments
Since the arrival of cryptocurrencies in 2009 through the launch of Bitcoin, the world of finance has been revolutionized and has taken an innovative turn. We have seen entire global economy beginning to change with this decentralized digital system. The innovation of cryptocurrency has gained such momentum and popularity that even celebrities have seen the value in it and have begun to invest and trade crypto.
American billionaire Mark Cuban is one of the many examples of celebrities who have banked on investing in cryptocurrencies. Cuban has a personal crypto investment portfolio made up of cryptocurrencies such as Bitcoin, Ethereum, and other digital coins.
Why and how has Mark Cuban invested in cryptocurrency? What does the billionaire television personality think of Bitcoin and the future of crypto? What is Mark Cuban’s crypto portfolio made up of?
Mark Cuban believes the best is yet to come for the future of cryptocurrency and that Bitcoin is far from the top of its market peak. The investor is convinced that the opportunity for Bitcoin and other cryptocurrencies to increase in value and go much higher is only and matter of time.
In a recent interview with CNBC, Cuban stated that it is not inconceivable to think the number of people who own Bitcoin and other digital currencies could double. He goes on to say the opportunity for crypto to go much higher exists and that in the long run, this is going to more than likely be the case.
Mark Cuban has been a pioneer and at the forefront of cryptocurrency and blockchain technology. The billionaire entrepreneur and media proprietor boasts a sizeable cryptocurrency portfolio that includes Bitcoin, Ethereum, and other cryptocurrencies.
He also owns crypto assets such as nonfungible tokens as he believes that the store of value of a cryptocurrency is going to appreciate over time. According to Cuban, the price of bitcoin is built on demand and supply and, because there is a finite supply available, there is no reason that the demand is not going to increase.
The crypto crazy Mark Cuban does not just see cryptocurrencies such as Ethereum and Bitcoin evolving with the times. There is also the digital payment currency known as Dogecoin.
On the 15th of May 2021, Mark Cuban tweeted that he had invested in 3250 Dogecoins and noted that the medium of exchange could also become a reality and valid payment mechanism in the future. The owner of the Dallas Mavericks publicized his support for cryptocurrency even further by being the first to accept payment in Dogecoin.
Crypto and each implementation is evolving in real time from "what is the potential utility" to "What is the current utility and how many users does it have". Tokens/Coin prices are now less a bet on the future and more a reflection of real demand.— Mark Cuban (@mcuban) May 15, 2021
Cuban went on to explain that even though the digital coin was created as a joke, the Dallas Mavericks had decided to accept the cryptocurrency as a form of payment for merchandise and tickets. Mark Cuban was quoted saying, “We will take Dogecoin, today, tomorrow and possibly forever more.”
And for the record, the only DOGE I own is the 3250 I bought with my 11 yr old and however much has been spent on Mavs merchandise and tickets. My only financial benefit is more people using it to buy Mavs stuff at https://t.co/VUydpLFzGh 🚀🚀🚀 https://t.co/hvp93dRxFL— Mark Cuban (@mcuban) May 15, 2021
On the 4th of May 2021, Ether, the crypto that runs on the Ethereum blockchain, hit a record. This growth in market value had many cryptocurrencies traders excited including, Mark Cuban. The billionaire investor stated that the utilization of the Ethereum platform is much higher than that of Bitcoin and that the number of transactions, the diversity of the transaction types, and the efforts in development made by Ethereum “dwarf” Bitcoin.
Cuban went ahead highlighted some other key reasons why he has invested in Ethereum. First, the makes payments more productively and faster as it can process more transactions per second than Bitcoin.
Second, the platform is “booming with development” that he believes is going to lead to the creation of many new applications. Ethereum is well-known for its features of smart contracts that power and build decentralized applications such as decentralized finance and nonfungible tokens.
Finally, Cuban said that because of the upgrade to Ethereum called Ethereum 2.0 (which launched in 2020), the impact of the digital cryptocurrency platform could be much more than we can imagine.
Mark Cuban is one of many celebrities who see the value and future of cryptocurrencies, and he has tweeted that this is not a recent interest or investment strategy for him.
I don’t think people realize I try to test and use all this stuff and have for years. I still have crypto from the early days of coinbase. I’ve never sold anything— Mark Cuban (@mcuban) January 12, 2021
The billionaire indicated on a recent podcast episode of the Delphi Podcast that he had invested in a couple of digital coins in the “early days” and that his crypto portfolio is made up of 60% Bitcoin, 30% Ethereum, and 10% other digital currencies.
Has Mark Cuban Traded Bitcoin?
Investor and NBA owner Mark Cuban was an early adopter of the digital currency, Bitcoin. Cuban is said to have approximately 60% in Bitcoin, 30% in Ethereum, with another 10% in altcoins or NFT’s.
Cuban uses the cryptocurrency broker Coinbase. Coinbase allows for the buying and trading of various cryptocurrencies. While others are skeptical of Bitcoin and ETH, Cuban views Bitcoin as the gold of digital currencies. Cuban notes that because there is a limit on what’s available, there is a supply and demand, which results in the value increasing.
When it comes to Cuban’s cryptocurrency needs, Coinbase is his go-to broker. It is a digital wallet that many cryptocurrency investors use for its simplicity and ease of navigation.