The Dallas Mavericks billionaire co-owner Mark Cuban recently disclosed that a significant portion of his crypto holdings are stashed in bitcoin because he believes the cryptocurrency is a better store of value asset than gold. Speaking on a podcast on CNBC, Cuban noted that of his total crypto holdings, 60% are in BTC, 30% in Ether, and the remaining 10% is allocated to other altcoins.
Mark Cuban is certain of bitcoin’s superiority to gold as a better store of value asset.
According to the billionaire Shark Tank, the billionaire investor has held onto his crypto holdings, especially bitcoin, because, according to him, it was more than just a currency, but a store of value asset. Cuban noted that he is certain of bitcoin’s superiority to gold as a better store of value asset and would never sell it for anything. His argument dates back to 2012, when people believed bitcoin was just a digital currency.
Cuban says ETH is closest to a true currency.
Mark Cuban further revealed why 30% of his total crypto holdings are in Ethereum, the second-largest cryptocurrency by market capitalization. The Dallas Mavericks co-owner said he picked interest in Ethereum due to its smart contract feature, which led to the birth of decentralized finance (DeFi), as well as non-fungible tokens (NFTs). He drew a comparison between Ethereum smart contracts’ development and the early days of the internet, he said. Despite the massive growth of the DeFi space and the fuss around NFTs of late, Cuban still predicts that more people will adopt the tech as developers continue to improve its functionality. Cuban disclosed that he did not invest in ETH when he bought bitcoin, adding that he wished he had purchased the asset earlier.