Billionaire Mark Cuban's 30% Portfolio Is ETH Because It's "Closest To Real Money"

Mark Cuban recently said that Bitcoin is a better substitute for gold and compared Ethereum's smart contracts to the dot-com boom of the late 1990s.

Billionaire Mark Cuban believes Ethereum is the closest thing to real money, and he sees Bitcoin as a better alternative to gold.

Dallas Mavericks owner Mark Cuban made the above comments on a recent episode of the Delphi podcast, noting that the growth of DeFi and NFTs has him excited about cryptocurrencies. He explained that “smart contracts and the fact that they’re decentralized” means that “there’s no one controlling it, the governance is completely different. It’s a game changer.”

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In fact, he likens the development of Ethereum smart contracts to the dot-com boom of the late 1990s and early 2000s:

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Martti Malmi said that he lost 30,000 BTCs when operating a BTC website in 2010; when BTC reached 15-30 dollars in 2011, he sold 10,000 BTCs and bought an apartment; Businesses Accepting Bitcoin” campaign offered a 1000 BTC bonus; job hunting took longer than expected in 2012 and had to sell most of the BTC. [2020/12/18 15:42:57]

When the internet started happening, you started seeing all these apps that could disrupt what was happening in the analog world like when we were watching streaming because I wanted to hear Indiana University basketball and I couldn't be on the radio in Dallas listen.

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Although Cuban is bullish on Ethereum, he revealed that in his portfolio, Bitcoin is twice as much as Ethereum, "60% Bitcoin, 30% Ethereum, and 10% other."

Cuban didn't compare Bitcoin to the dot-com boom because he sees it primarily as a store of value. He sees Bitcoin as a better investment alternative to gold:

With Bitcoin, you can make transfers. This is good. that's right. It's a store of value, which is great. It's a better option than gold, which is amazing. It siphoned money out of gold and it will continue to do so. That's why I own Bitcoin, but not quite as compared to the internet.

The billionaire said in September 2019 that I'd rather own bananas than bitcoin, but since then he's completely changed his tune. However, there may be more to his involvement than these comments suggest. In early January, he tweeted: "I still own early coins from Coinbase. I haven't sold anything."

I don't think people realize that I've tried to test and use all this stuff, and have for years. I still have the cryptocurrency from the early days of Coinbase. I never sold it.

— Mark Cuban (@MCuBan) January 12, 2021

While Cuban didn’t say what the “remainder” of his portfolio was, some of it could be Dogecoin after he predicted it would rise to $1.

TEXT: SAMUEL HAIG

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