Mark Cuban has said that he sees Bitcoin and its underlying Blockchain or Distributed Ledger Technology (DLT) as the way into the future.
The American tech billionaire and investor countered claims by certain quarters that digital currencies are not real. He is of the view that such claims are flawed and short-sighted and that digital currencies have enormous intrinsic value.
In an interview with Bloomberg, Mark opined that cryptocurrencies and digital assets are comparable to mainstream stocks that investors can buy and sell.
“…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 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…”
He further said that he had been looking at buying into more cryptocurrencies and digital assets since blockchain investment avenues like Initial Coin Offerings (ICOs) have so far proved profitable.
“… I have bought some, bought it through an ETN based on a Swedish exchange because that gave me liquidity. I am also involved with ICOs, actually token sales, because I think Blockchain is a great platform for future applications…”
His recent statements are a far cry from what his utterances used to be about a year ago when he used to be on a bashing spree of digital currencies. But with dedicated months of studies and insights, he has made a turn-around.
Even though some notable persons in the field of finance have expressed less than stellar comments about bitcoin and cryptocurrencies, these virtual currencies seem to be getting stronger irrespective. It is becoming the case that the more obstacles thrown the way of cryptocurrencies, the more fuel it garners to get stronger. So far regulations, impediments and bad-mouthing have not been able to make serious dents in the upward trajectory in the value of cryptocurrencies; they might dip for a moment, but there is always a subsequent value jump which is more often than not greater than previous value points.