Mark Cuban praised cryptocurrencies for encouraging young people to invest, defended Robinhood, and compared gold and Bitcoin on the podcast “The Prof G Pod with Scott Galloway” this week. The billionaire owner of the Dallas Mavericks and “Shark Tank” star likened the crypto boom to a dot-com bubble. On the other hand, he highlighted the need to regulate stablecoins. cryptocoin.com We are quoting what Cuban said…
Cuban: Cryptocurrencies remind me of the dot-com bubble
Billionaire Mark Cuban, who first talked about cryptocurrencies in the program he attended, said, “Crypto reminds me of 1995. It’s all the tokens and trading and all the craziness going around; Reminds me more of the dot-com craze. “What is interesting to me about crypto is its ability to connect with real network platforms and smart contracts.” He also said that the reason why millions of people invest in crypto is that it is much cheaper and simpler than investing in stocks. “I don’t think we fully understand the impact of crypto,” says Cuban.
“Robinhood’s gamification of trading has done a lot better than many people think,” Cuban said, referring to the famous trading platform Robinhood, noting that younger people who invest using this platform can have a significant presence at a low cost. In response to what people in their early 20s need to learn, Cuban said, “AI (artificial intelligence), AI, AI. Crypto, crypto, crypto. This is it,” he said.
Cuban: Bitcoin is a store of value like gold
Cuban also made comments on gold and BTC. “Bitcoin is a store of value, just like gold. Bitcoin maximalists who eat, sleep and breathe Bitcoin believe it is a reserve currency and will emerge as a white knight when fiat crashes. I don’t think something like this will happen,” he said. On the other hand, “Gold is sold as a hedge against the apocalypse, a hedge against inflation. When there are things that look really bad, like a pandemic, he doesn’t really react. Bitcoin is likewise a pure supply and demand game,” he says.
Finally, by talking about stablecoins pegged to a specific asset (usually the dollar), he says authorities will have to regulate stablecoins. “There is a lot of money out there. “If one of these projects was a Ponzi scheme or fraud, it would create significant instability,” he said. Finally, “We are in this death war between blockchains. Not all of them will survive. “Just like in the early days of the internet, it will really be apps and innovations that drive their success.”
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