Billionaire Mark Cuban says he’s a longtime cryptocurrency investor despite his sharp critique of crypto assets.
In a new tweetstorm, the entrepreneur says he’s far more well-informed on cryptocurrency than some might think.
“I don’t think people realize I try to test and use all this stuff and have for years. I still have crypto from the early days of Coinbase. I’ve never sold anything.”
Cuban says he’s also tracking the growing decentralized finance (DeFi) movement.
In just under a year, total value locked in DeFi protocols surged from $900 million in February of last year to $20.6 billion today.
Amid the meteoric rise, Cuban warns the space faces the same risk of collapse as the traditional derivatives market.
“Just remember WITH DeFi, as with all derivatives, the RISK NEVER LEAVES THE SYSTEM. One segment collapses, they all face risk of collapse.”
Cuban is also doubling down on his point that Bitcoin’s scarcity is the key selling point for the leading cryptocurrency.
Replying to Gemini founder Tyler Winklevoss, Cuban argues that the value of digital assets is based more on trader sentiment and narratives surrounding the asset than any real, intrinsic value.
“You are making my point. Supply and Demand is the ONLY thing that values BTC. As far as balance sheets and debasement, we disagree. One of the challenges of sovereign BSs is valuing IP, intangibles and cost based assets.”
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