A well-known investor shared what his favorite asset is when choosing an instrument as a refuge of value, surprising by pointing out that it is not gold and that it also makes up about 60% of his portfolio.
Billionaire “Shark Tank” investor Mark Cubancommented on the recent Bitcoin rally, justifying their investment in the cryptocurrency due to its solid capacity as a store of value. It is worth remembering that BTC surpassed $68,000 on Tuesday, approaching its all-time high, as more funds flow into the main cryptocurrency by market value.
When asked if BTC was better than gold as a haven of value, the billionaire responded that he chooses Bitcoin over gold. ‘all day every day‘”.
Cuban told the US press that he was unsure of the exact proportion of his portfolio allocated to cryptocurrencies, “but he is happy“. “There will only be 21 million [Bitcoin]. The more people buy and the fewer people sell, it means the price will go up.. “That’s just the nature of it,” she said.It is a great store of value. That’s why I have an investment in it. Because I think the demand is going to exceed the number of people who sell“.
Cuban had revealed in recent days that a significant portion of his cryptocurrency portfolio, around 60%, consists of Bitcoin. The rest is mainly allocated to Ethereum (30%), while the remaining 10% is diversified into various other tokens.
Ethereum functionality
Cuban said that Ether is a little different from Bitcoin, as its value is more influenced by its utility. He suggested that the approval of an Ethereum-based ETF It is crucial for greater utility in the blockchain network.
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Ether is trading around US$3,700 this Tuesday and has risen 61% in the last month. In that sense, Cuban reiterated a major disadvantage that he finds in the crypto space: the lack of an app widely accepted by people of all ages, including grandparents. He wants an app so popular that even older people feel the need to use it simply because everyone else does.
“We need that transition app to make cryptocurrencies ubiquitous” he said. “But until then, just from an investment perspective, I’m investing in Bitcoin over gold all day, every day.”
However, Cuban hasn’t always been lucky in the crypto world.. One of its crypto wallets was hacked last September, resulting in losses of around $870,000 in different cryptocurrencies.
He was also caught up in a lawsuit over his promotion of cryptocurrency broker Voyager.. He is alleged to have misled investors about the platform, resulting in substantial losses. Cuban and Voyager CEO Steve Ehrlich allegedly persuaded potential clients to invest in the platform, according to the lawsuit. As of March 5, a settlement has not been reached in the case.
Source: Ambito
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