Billionaire Mark Cuban invests mostly in cryptocurrencies these days.
“The investments that I’m making right now are not in traditional businesses,” Cuban said during a recent episode of The Trouble With Jon Stewart podcast. In fact, “80% of the investments I make that are not on ‘Shark Tank’ are in or around cryptocurrencies. »
One type of organization in particular has caught the attention of Cubans: decentralized autonomous organizations, or DAOs. “That’s really where I’m looking to invest,” he said.
In theory, a DAO is a blockchain-based collective that is not governed by a single person or entity. Any changes to the rules or governance of the DAO must be voted on by its members. To obtain these voting rights, as well as other powers within the organization, investors often hold the DAO governance tokens.
“All these startups are formulating and taking this new approach,” said Cuban, an investor on ABC’s “Shark Tank” and owner of the Dallas Mavericks. He added that there will be “revolutionary companies” that come from this type of organization.
In particular, he foresees that sectors such as banking and insurance will “change”, thanks to these new technologies.
Cuban is also bullish on smart contracts, which are collections of code that execute a set of instructions on the blockchain and power decentralized applications. Smart contracts are central to forming DAOs as well as powering other crypto projects such as decentralized finance or DeFi, non-fungible applications and tokens or NFTs.
But DAOs and their governance tokens can be long shots for investors. Financial experts warn to only invest what you can afford to lose as they consider cryptocurrencies to be a volatile and speculative investment.
Still, this positive outlook isn’t particularly surprising from Cuban, who has always been outspoken about his belief in smart contracts. Cuban is an avid investor in the crypto space, with a cryptocurrency portfolio consisting of various digital currencies, NFTs, and investments in numerous blockchain companies.
But even Cuban is realistic about the burgeoning industry. He referred to the space as a casino cryptocurrency because it is still very new. “It’s like the early days of the Internet,” he told Stewart. “The exact same thing is happening now. We are in 1995 for cryptocurrencies. »
“That doesn’t mean there aren’t a lot of problems,” Cuban continued. Cryptocurrency “is difficult to understand and that is a problem. But in 10 years, there will be those who succeed and create their own economy.”
Disclosure: CNBC has the exclusive off-network cable rights to “Shark Tank.”
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