Bitcoin broke through its historical high this week, and Mark Cuban, the well-known billionaire and owner of the NBA Dallas Mavericks, who has always supported cryptocurrencies, recently revealed that he has also participated in this round of price increases. He chooses to buy Bitcoin every day instead of gold.
(Previous summary:
Mark Cuban, the Mavericks owner, revealed that it was a “big mistake” to say that cryptocurrency is dead and that NFT losses will not disappear.)
(Background supplement:
Mark Cuban: Still optimistic about cryptocurrencies, similar to the early “troubles” of streaming media.)
As Bitcoin broke through $69,000 this week, reaching a historical high, Mark Cuban, the owner of the NBA Dallas Mavericks, recently stated in an interview with CNBC that he is not sure of the specific allocation of cryptocurrencies in his investment portfolio, but he is pleased with the rising trend of Bitcoin. According to Cryptonews, Mark Cuban revealed last year that about 60% of his cryptocurrency investment portfolio is Bitcoin, with the remaining 30% mainly allocated to Ethereum, and the remaining 10% are diversified with various other tokens.
Practicality is the key to Ethereum’s future success.
In addition, Mark Cuban pointed out that the practicality of Ethereum is the key to its future success. He mentioned that Ethereum is slightly different from Bitcoin because Ethereum’s value is more influenced by its practicality. Whether Ethereum can achieve further practicality depends on whether Ethereum spot ETFs can be approved.
However, Mark Cuban reiterated that there is still a major flaw in the cryptocurrency field, which is the lack of an application that is widely welcomed by all age groups, including grandparents. He hopes that there will be an application that is so popular that the older age group will find it necessary to use because everyone else is using it.
Peter Schiff’s dissatisfaction and retort
However, Mark Cuban’s claim that investing in Bitcoin is better than gold has caused dissatisfaction from Peter Schiff, the majority owner of gold and founder of SchiffGold, as the price of gold also broke through $2160 this week, setting a new historical high. He tweeted in response:
In fact, this is not the first time the two have clashed. As early as 2022, Mark Cuban stated that people who invest in gold are extremely foolish, and Peter Schiff responded by saying that Mark Cuban lacks understanding of both Bitcoin and gold, and that “I agree that making money is more important than understanding money, but it’s not the case for those who listen to his advice.”
Further reading:
SEC Chairman is too paranoid! Mark Cuban: Ripple case proves that “not all buyers” are investors.
“Scams are all over the street, why aren’t they caught?” Mark Cuban, the Mavericks owner, repeatedly criticized the SEC’s regulatory nightmare.
Mark Cuban: Imitative blockchains, like the development of the Internet, will mostly perish.