Mark Cuban, the billionaire entrepreneur and investor who stars on Shark Tank and owns the Dallas Mavericks, thinks that blockchain is the future of mainstream finance.
After vocally supporting Reddit’s WallStreetBets during their GME stock rally aimed against Wall Street hedge funds, Cuban made himself available to WSB community members for an AMA (Ask Me Anything).
Many of the questions in the thread revolved around Cuban’s views on the GME situation, specifically Robin Hood’s role in gimping the free market by limiting GME buys (he agrees they ruined things for everyone) and whether or not the SEC will do the right thing by helping retail investors (he thinks the SEC is a mess, so obviously they won’t).
But when one user asked Cuban what current small industry might have the potential to blow up over the next few years, the conversation took a turn towards DeFi.
“De-Fi, NFT, but there will be a lot of ups and downs along the way,” wrote Cuban, who also noted that he currently owns AAVE, Sushi, ETH, BTC, and LTC.
Blockchain is the Future
Cuban responded to another question asking if the future of exchanges would be decentralized, answering: “I think block chain is the future, i don’t know if it’s decentralized or private.”
Cuban also used BTC HODLers as a positive example of people who buy stocks and assets the right way.
“Many bought at the highs in 2017 and watched it fall by 2/3 or more. But they held on because they believed in the asset,” he wrote. “The price may go up or down, but if I still believe in the logic that made me buy the asset, I dont sell.”
Praise for WSB
Ultimately, Cuban heaped praise upon the WSB for their role in taking on Wall Street.
“WSB changed the game far more than everyone on this board will ever get credit for,” he wrote.
His words offer a necessary pick-me-up to the WSB community after GME stock fell 60% on Tuesday. Currently, GME is hovering around $90, down over 80% from its Jan. 28 high of $468. But as WSB continues to HODL, Cuban stands behind them.
“If you can afford to hold the stock, you hold. I don’t own it, but that’s what I would do.”