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Mark Cuban, the billionaire investor from “Shark Tank,” shared his thoughts on Bitcoin’s recent surge, indicating that he has invested in the cryptocurrency due to its robust potential as a store of value.
On Tuesday, Bitcoin surpassed $68,000, approaching its all-time high, as increased investments flow into the leading cryptocurrency by market capitalization.
In an interview with CNBC published late Monday, Cuban expressed uncertainty regarding the specific percentage of his portfolio dedicated to crypto, stating, “but it’s happy.”
“There will only ever be 21 million of [Bitcoin]. The more individuals who purchase and the fewer who sell, the higher the price will rise. That’s simply how it works,” he remarked. “It serves as an excellent store of value. That’s why I have invested in it. I believe that demand will surpass the number of sellers.”
Cuban previously disclosed that approximately 60% of his crypto portfolio is comprised of Bitcoin. The remaining portion is mainly allocated to Ethereum (30%), with the last 10% spread across various other tokens.
Cuban Highlights Ethereum’s Utility as Crucial for Future Success
Cuban noted that Ether differs somewhat from Bitcoin, as its value is more affected by its practical applications. He indicated that further utility for the blockchain network depends on the approval of an Ethereum-based Spot ETF.
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Ether was last priced around $3,700, reflecting a 61% increase over the past month.
Cuban reiterated a significant challenge he perceives in the crypto industry — the lack of an application that is widely accepted by individuals of all ages, including older adults. He hopes for an app so prevalent that even seniors would feel compelled to use it simply because it is popular.
“We need that transitional application for crypto to become ubiquitous,” he stated. “However, until that happens, from an investment standpoint, I’m choosing Bitcoin over gold every day.”
Mark Cuban’s Challenges in the Crypto Space
Nonetheless, Cuban has not consistently experienced favorable outcomes in the crypto realm. Last September, one of his crypto wallets was compromised, leading to losses of approximately $870,000 across various cryptocurrencies.
He was also involved in a lawsuit regarding his promotion of the crypto broker Voyager. Allegations claim he misled investors about the platform, resulting in significant financial losses. The lawsuit asserts that Cuban and Voyager CEO Steve Ehrlich encouraged potential clients to invest in the platform. As of March 5, no resolution has been achieved in the case.
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