Billionaire entrepreneur and investor Mark Cuban changed his perspective on cryptocurrencies lately, and in his recent interview with Vanity Fair, advised “adventurous” investors to put in 10% of their savings in Bitcoin or Ethereum.
Cuban, who is famous for his rags to riches rise, started his journey as a bartender and later a software salesperson, before hitting it big with MicroSolutions, a software company.
Speaking about ways of building wealth, he is strictly against using credit cards and recommends investing in mutual funds. However, in his Vanity Fair interview, he went on to mention Bitcoin as well:
“...if you’re a true adventurer and you really want to throw the Hail Mary, you might take 10 percent and put it in bitcoin or ethereum.”
Mark’s recent comments come as a surprise to many who saw him criticizing crypto and bitcoin earlier this year, calling it a bubble and more of a religion than an asset.
“Anyone anywhere can buy a stock. #crypto is like gold. More religion than asset. Except of course gold makes nice jewelry. #crypto notsomuch,” Mark had tweeted in June.
More recently though, we reported Mark’s interview with Bloomberg, where he had more positive comments on crypto and also admitted buying some himself:
“...it's interesting because I think there are a lot of assets that have values based on just supply and demand. You know, most stocks, they don't have any intrinsic value, no true ownership rights, no voting rights, you just have the ability to buy and sell those stocks. They're like baseball cards and I think Bitcoin is the same thing...I have bought some...”
Mark’s comments come at an interesting time, as Bitcoin has been setting new records lately, breaking through the $6,000 mark before retracing a bit.
Given how volatile the crypto market can be, Mark also advised that you should forget about the money you invest in cryptos.
“You’ve got to pretend that you’ve already lost your money. It’s like collecting art, it’s like collecting baseball cards, it’s like collecting shoes. Something’s worth what someone will pay for it.”