Billionaire Mark Cuban says he’s a longtime cryptocurrency investor regardless of his sharp critique of crypto property.
In a brand new tweetstorm, the entrepreneur says he’s much more well-informed on cryptocurrency than some may assume.
“I don’t assume individuals understand I attempt to take a look at and use all these things and have for years. I nonetheless have crypto from the early days of Coinbase. I’ve by no means bought something.”
Cuban says he’s additionally monitoring the rising decentralized finance (DeFi) motion.
In just below a yr, total value locked in DeFi protocols surged from $900 million in February of final yr to $20.6 billion as we speak.
Amid the meteoric rise, Cuban warns the house faces the identical danger of collapse as the normal derivatives market.
“Simply keep in mind WITH DeFi, as with all derivatives, the RISK NEVER LEAVES THE SYSTEM. One section collapses, all of them face danger of collapse.”
Cuban can be doubling down on his level that Bitcoin’s shortage is the important thing promoting level for the main cryptocurrency.
Replying to Gemini founder Tyler Winklevoss, Cuban argues that the worth of digital property relies extra on dealer sentiment and narratives surrounding the asset than any actual, intrinsic worth.
“You make my level. Provide and Demand is the ONLY factor that values BTC. So far as steadiness sheets and debasement, we disagree. One of many challenges of sovereign BSs is valuing IP, intangibles and price based mostly property.”
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