Cryptocurrencies as an investment have blossomed to one of the most recognized in the finance space. It is no longer left for small, retail investors who are only putting a few hundred dollars at a time in cryptocurrencies. High net worth individuals like billionaires and institutional investors are moving into the space given the opportunities that are presented within it.
Mark Cuban, owner of the Dallas Mavericks, and a big supporter of cryptocurrencies has revealed that he invests heavily in the space. For the Shark Tank investor, any investments that are not related to those presented on the show are heavily skewed towards the crypto industry.
Putting 80% In Cryptocurrencies
Billionaire Mark Cuban was on an episode of “The Problem With Jon Stewart” where he shared his thoughts around investments and where his biggest moves are being made. The Shark Tank investor told host Jon Stewart that while he invested heavily in ideas that spring off from the show, his investments outside of the show mainly skewed towards cryptocurrencies.
For Cuban, the decentralization of these digital assets is the biggest push for him. This is why any investments that are not made on Shark Tank, 80% of those are made in or around cryptocurrencies, the billionaire revealed.
Cuban’s push for crypto adoption has been blatant in his actions. The Dallas Mavericks had begun to accept crypto payments under his leadership, and over time has expanded this offering to make room for even more crypto-assets such as Dogecoin.
Expanding Crypto Interests
Cuban opened up to Stewart regarding the spaces in the crypto industry that he is interested in. One that has the full attention of the billionaire is decentralized autonomous organizations (DAOs). This relatively new space has been making strides as being a fully decentralized mechanism. Basically, no single person or entity is able to make any changes to them without the approval of all of its members.
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The billionaire explained that DAOs are of particular interest to him when investing in cryptocurrencies and adjacent products. It is growing in popularity as more businesses take this approach.
“There are no centralized systems to rely on,” Cuban said. “Every token holder in that application has a chance to set the direction of the network, not always equally, but typically equally. This is where I am interested in investing,” he added.
Total market cap at $2 trillion | Source: Crypto Total Market Cap on TradingView.com
Cuban is also invested in NFTs. He holds NFTs from the famous Bored Ape Yacht Club, as well as a CryptoPunk according to his portfolio on Lazy. He is also invested in bitcoin and ethereum, as well as dogecoin, although his stake in the latter is a considerably low bag given that the billionaire believes that the meme coin is great as a method of payment and entry point into the broader crypto market.
Featured image from Inc. Magazine, chart from TradingView.com