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Mark Cuban Shoots for the Moon: Mavericks Co-owner Predicts Bitcoin Boom

Last Updated March 8, 2024 11:50 AM
Teuta Franjkovic
Last Updated March 8, 2024 11:50 AM
By Teuta Franjkovic
Verified by Peter Henn

Key Takeaways

  • Mark Cuban expects Bitcoin’s price to rise due to limited supply and high demand. He sees it as a good store of value.
  • The Dallas Mavericks co-owner discusses the potential approval of an Ethereum ETF by the SEC in May.
  • Cuban believes cryptocurrency lacks a widespread, mainstream application like Instagram.

Billionaire investor Mark Cuban anticipates  an increase in Bitcoin’s price. The co-owner of the Dallas Mavericks NBA franchise attributes this to a supply-demand dynamic.

He reasons the demand will surpass the number of sellers, and also he views Bitcoin (BTC) as an excellent store of value.

Mark Cuban Discusses Bitcoin Investment Strategy

During a CNBC appearance on Monday, the billionaire investor and “Shark Tank” star opened up  about his cryptocurrency investments.

Cuban, was asked about the extent of his portfolio dedicated to cryptocurrency. He replied that, while he wasn’t sure of the exact amount, he was content with his holdings, especially in Bitcoin and, to a lesser extent, Ethereum.

He attributed his investment rationale to the supply and demand dynamics of Bitcoin. Cuban said the cryptocurrency’s limited supply of 21 million coins was a key factor driving his interest.

He explained :

“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.”

Mark Cuban on Potential SEC Approval of Spot Ethereum ETF

Discussing the possibility of the United States Securities and Exchange Commission (SEC) approving a spot Ethereum (ETH) exchange-traded fund (ETF), Mark Cuban shared his perspective, noting the unique characteristics of Ethereum.

He highlighted Ethereum’s utility-driven nature and the increasing number of applications leveraging its utility, suggesting these factors could influence the SEC’s decision on an Ethereum ETF approval.

The financial community is eagerly awaiting the SEC’s decision on a spot Ethereum ETF, expected in May.

Analysts are split on the outcome. On one hand Standard Chartered Bank is optimistic about an approval, whereas JPMorgan adopts a more cautious stance. This reflects the varying perspectives on the potential impact and acceptance of this cryptocurrency investment product.

Highlighting Crypto’s Lack of Breakthrough Application

Mark Cuban expressed  that the most significant letdown in the cryptocurrency world has been the absence of a standout application capable of capturing widespread mainstream attention, akin to Instagram’s impact during the app revolution.

He emphasized the need for a “transitional application” that would make cryptocurrency universally adopted, underlining the gap between current crypto applications and the potential for broader, mainstream appeal.

Cuban said :

“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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