Billionaire investor Mark Cuban, a minority owner of the National Basketball Association (NBA) team Dallas Mavericks, expects the price of bitcoin to go up due to the supply-demand dynamic. “I do feel that the demand is going to exceed the number of people selling,” he explained, adding that bitcoin is “a great store of value.”
Mark Cuban Explains Why He Invests in Bitcoin
Billionaire investor Mark Cuban shared why he invests in bitcoin on CNBC Monday. Cuban is a Shark Tank star and a minority owner of the National Basketball Association (NBA) team Dallas Mavericks.
When asked how much of his portfolio is in cryptocurrency, Cuban replied: “I don’t even know how much, but it’s happy. Bitcoin, in particular. Ether … ETH to a smaller extent.” He explained: “Bitcoin is just driven by supply and demand. There’s only going to be 21 million of them.” The Shark Tank star elaborated:
The more people that buy and the fewer people that sell, that means the price is going to go up. That’s just the nature of it. It’s a great store of value. That’s why I have an investment in it, because I do feel that the demand is going to exceed the number of people selling.
Commenting on whether the U.S. Securities and Exchange Commission (SEC) will approve a spot ethereum exchange-traded fund (ETF), Cuban said: “ETH, we will see what happens with the ETF and whether or not that gets approved. But because of the way it works, it’s a little bit different and it’s a little bit more driven by utility, but there’s more and more applications coming for the utility.”
A decision on the approval of a spot ethereum ETF by the SEC is anticipated in May. Analysts are divided, with some, like Standard Chartered Bank, expecting a green light, while others, like JPMorgan, remain cautious.
Cuban continued: “The biggest disappointment of crypto so far has been there’s not that one application where you go to your grandma and she says, ‘I have got to get this new crypto app because all my friends are using it’ — kind of like we saw in the early days of apps with Instagram. We need that transitional application for crypto to be ubiquitous.” The billionaire concluded:
But, until then, just from an investment perspective, I’m investing in bitcoin over gold all day every day, and I have said that for years.
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