Billionaire entrepreneur and Dallas Mavericks owner Mark Cuban appears to be morphing into a strong supporter of cryptocurrencies.
In a new blog post, the Shark Tank star says he now firmly believes crypto assets are stores of value, with the new generation fueling the rise of digital currencies like Bitcoin and Ethereum.
[Crypto assets] are all are stores of value with market cap leader Bitcoin having a decade plus long history of transactions and wealth generation…
The new generation that has grown up in a digital world has known their entire lives that what has been of greatest value to them has been digital. This generation knows that a smart contract and the digital good it reflects or a crypto asset are a better investment than old school see, touch or feel uses.”
Cuban adds that the ability to store value includes other crypto assets as well, not just those that can govern digital goods, specifically mentioning the advent of decentralized finance (DeFi) tokens.
“But the bottom line is that there are a growing number of investors and traders who think that the digital goods and crypto asset marketplaces are better than old school physical markets and the stock market and most of them are young. They love the fact that NO ONE has power over them. That there is no central authority and they get the results of their own efforts without some government agency or big company fucking with them. Every negative, consequential financial moment in their collective lives has been the result of some massive entity getting greedy and fucking things up for them.
On the flip side, they have also been watching some of their peers gain wealth with crypto and digital assets, most starting with not much capital. Those peers have also been very vocal about the lack of interference by old schoolers with crypto and digital assets and much of those gains have come from all of them doing the same thing, buying and Holding On for Dear Life. They have learned that with digital assets, acting in unison can bring wealth to those who otherwise would not have access to it. That is power and they know it and they are learning how to use it.”
Cuban, who has long been on the fence about crypto, has recently confirmed that he is dabbling in digital tokens.
His altcoin holdings includes DeFi lending protocol Aave, little-known crypto asset Friends With Benefits, and yield farming protocol Rari Governance Token (RGT).
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Featured Image: Shutterstock/Alex Kravtsov