Shark Tank – Mark Cuban Bullish On Crypto• January 16, 2022 9:26 pm • Comments
Mark Cuban from Shark Tank is making the majority of his investments in non-traditional businesses with a high focus particularly on businesses related to crypto.
Cuban mentioned that about 80% that he makes that are not on Shark Tank are actually related to crypto.
Recently, an area of investment that Cuban is focusing on is in DAOs which stands for decentralized autonomous organizations.
Technologies like these have high potential to disrupt many existing business models such as the insurance industry as well as the banking industry.
In theory, a DAO is a blockchain-based collective that isn’t governed by one person or entity. Any changes to the DAO’s rules or governance must be voted on by its members.
To gain these voting rights, as well as other powers within the organization, investors typically hold the DAO’s governance tokens.
“All these new businesses are being formulated now that take this new approach,” Cuban, an investor on ABC’s “Shark Tank” and owner of the Dallas Mavericks, said.
He added that there will be “game-changing businesses” that come from these types of organizations.
When I look at crypto, I look as an entrepreneur and ask how do any combination of Smart Contracts, Decentralization, Security and Economics, enable a better way to do business and create opportunity. If I see one, I start or invest in it. https://t.co/2BW0KyuRFA
— Mark Cuban (@mcuban) January 12, 2022
DAOs are not without any risks though as their tokens are still considered risky bets for folks who are looking to invest in the space and that appropriate research must be done to understand which DAOs will have utility in the future.
Cuban also acknowledged that a lot of the things like DAOs have a lot of problems that still need to be addressed but that these things will usually take time to resolve.
As of right now, the comparison given is that it is still in the early days of crypto and that a lot of the theory and technologies being spoken of now will need one or decades to really take effect.
The comparison is extremely similar to the early days of the internet in the 90s where it was clear that there was a lot of potential application and that certain applications would succeed in the long term.
This is not the first time the member of Shark Tank expressed his focus on crypto.
His basketball team, the Dallas Mavericks, was one of the first basketball teams to start accepting cryptocurrencies like Dogecoin for merchandise.
Comedian and former Daily Show host Jon Stewart said Dallas Mavericks owner and billionaire Mark Cuban broke down the intricacies of the crypto space in practical terms.
Speaking to Stewart on a Thursday podcast, Cuban said he didn’t focus on the price speculation around cryptocurrencies like Bitcoin (BTC) and Dogecoin (DOGE), comparing it to “gamesmanship” akin to that of stocks.
The Dallas Mavericks owner explained some of the basics of the space to Stewart, calling it “decentralized and trustless,” with token holders having a “typically equal vote” to determine the direction of each project — characteristics that appealed to the billionaire investor.
Other areas of interest that were mentioned is the focus on smart contracts.
Cuban sees smart contracts as essential in building DAOs and other DeFi applications as they are essentially the building blocks that allow specific conditions and executions on the blockchain.
Viewers on the TV show are curious if one day crypto projects will be introduced and pitched to the sharks.
Fellow shark Kevin O’Leary weighs in on the possibility.
Will we see crypto projects pitching on @ABCSharkTank any time soon?
"We'll start to see crypto deals when you can explain them in eight minutes," co-host @kevinolearytv says.
— CoinDesk (@CoinDesk) January 15, 2022
Join the conversation!
We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.