Mark Cuban, co-founder of Shark Tank and Dallas Mavericks, has disclosed that the vast majority of his cryptocurrency holdings are in Bitcoin (BTC) and Ethereum (ETH).
The billionaire investor, who made this known during a recent episode of CNBC’s Delphi Podcast, said his crypto portfolio includes 60% bitcoin, 30% ether, and 10% altcoins.
Bitcoin Over Gold
According to Cuban, bitcoin has the largest volume in his portfolio because he believes the cryptocurrency is a better store of value than gold. Cuban revealed that his argument about BTC being more than just a currency dates back to 2012.
The Shark Tank and Dallas Mavericks boss said he has always seen the cryptocurrency as a store of value, adding that if only crypto enthusiasts could convince more people into believing that it is a better form of investment than gold, then its price would soar.
It is for this reason “I own bitcoin and why I never sold it,” Mark was quoted as saying.
Cuban: ETH is the Closest True Currency
Furthermore, Cuban disclosed that its second bet on crypto is Ethereum. The billionaire became interested in Ethereum because of its smart contract function that has succeeded in birthing important crypto niches – decentralized finance (DeFi) and non-fungible tokens (NFTs).
There has been so much fuss about both topics in recent times, with billions of dollars pouring in and out of both industries.
According to data on DeFi Pulse, the total value locked (TVL) in DeFi is $45.43 billion. On the other hand, NFTs have blossomed since the beginning of the year, with remarkable feats recorded, including the sale of the Beeple Art for $69 million.
Cuban narrated that both DeFi and NFT changed the crypto game, which caught his attention. He believes Ethereum will receive more adoption in the coming years, as network developers continue to improve on its capabilities.
On his investments in ether, Cuban said he had to put his money in the second-largest cryptocurrency simply because he believes “ETH is the closest to the true currency.”
Former Bitcoin Critic Makes U-turn
Before now, Cuban was among the Bitcoin critics who have slandered the cryptocurrency on several occasions.
One of his famous remarks was when the American businessman said the cryptocurrency can never be a global cryptocurrency because it has a low utility.
Slamming Bitcoin, Cuban said at the time: “too difficult to use, too easy to hack, way too easy to lose, too hard to understand, too hard to assess value.”
However, in recent times, he has now seen the value of bitcoin, as he now picks it over bullion, he has always used to criticize the cryptocurrency