Mark Cuban Calls Blockchain 'A Great Platform For Future Technology'
It's no secret that the markets surrounding currencies underpinned by blockchain technology have borne the scrutiny and tongue lashings of many, including JP Morgan CEO Jamie Dimon, whose critical comments have been widely reported.
A different public stance is being taken by billionaire and serial entrepreneur Mark Cuban, who has made no secret of his commitment to the idea that blockchain technology can be an agent of change in society. Cuban recently went on record to describe the value of cryptocurrencies akin to measures of supply and demand, such as those seen in the stock market. "You know, most stocks, there's no intrinsic value because you have no true ownership rights, no voting rights." Cuban explains that shareholders "just have the ability to buy and sell those stocks."
To that end, the mogul investor compares both stocks and cryptocurrencies to collectibles:
"They're like baseball cards. And I think bitcoin is the same thing; its value is a function of supply and demand, it doesn't really do anything else. I have bought some, I bought it through an ETN based on a Swedish exchange that gave me liquidity."
Cuban's interests go beyond investments in bitcoin, to which he maintains, "I just dipped my toe in the water." Everything is relative; given Cuban's vast resources, what he would consider a small investment might be quite sizeable to those with less capital influence.
Cuban also talked about his interest in Ethereum-based token offerings: “I think blockchain is a great platform for future technology, future applications ... just like the net and streaming created multiple great companies, I think blockchain will as well. I'm involved with something called Mercury Protocol, just to disclose ... I think it will change messaging using the blockchain."
Cuban's deferential approach to blockchain technology as an investor is more evidence that in the spectrum of venture capitalists, not all oppose the rise of blockchain technology and cryptocurrencies.