Mark Cuban said he didn’t focus on the price speculation around cryptocurrencies like Bitcoin and Dogecoin, comparing it to “gamesmanship” akin to that of stocks.
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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.
“The investments I’m making now are not in traditional businesses,” said Cuban. “Eighty percent of the investments I make that are non-Shark Tank are in and around cryptocurrencies.”
Cuban theorized how a decentralized autonomous organization, or DAO, might work in providing colonoscopies and other necessary medical procedures. He also posited that many new businesses modeled after the crypto economy — decentralized and trustless — would disrupt traditional institutions including banking, insurance and the book industry.
“It’s 1995 for cryptocurrencies,” said Cuba, referencing that the crypto industry was still in its early days akin to the Internet:
“[Cryptocurrency is] hard to understand and it’s a hassle, but ten years from now, these applications — there’s going to be those that succeed — that’ll create its own economy, and just like the Internet days, it’ll be the younger generation that figures it out first and is innovative.”
The Shark Tank star’s stance on crypto assets has changed significantly in the last few years, with him once saying he would “rather have bananas” than gold or BTC. The billionaire investor has since backed Polygon (MATIC), invested hundreds of thousands of dollars in tokenized carbon offsets, and called for more regulations on stablecoins.
Stewart hinted at having a better grasp on the space as a technological and economic issue rather than one entirely consisting of a currency system, but still expressed concern about leaving decisions to any crowd. The comedian previously joked about starting a token project with his namesake in 2021:
And if you like the “website” you’ll love my next project. Crypto “Stewcoin”!
— Jon Stewart (@jonstewart) December 16, 2021