There’s been quite a lot of news relating to Mark Cuban and his investments in blockchain companies. Even though from what we’re seeing it seems like Mark Cuban is heavily bullish on the crypto market, Mark was actually skeptic on the whole blockchain and Bitcoin concept a few years back.
Cuban tweeted a few years back that he thought bitcoin was in a “bubble” yet he acknowledged then that there is value in the blockchain technology behind the digital currency.
Mark also did an interview with Bloomberg a few years back where he shared his skeptical thoughts on Bitcoin. In the interview, Mark mentioned:
“It is interesting because there are a lot of assets which their value is just based on supply and demand. Most stocks, there is no intrinsic value because you have no true ownership rights and no voting rights. You just have the ability to buy and sell those stocks. Bitcoin is the same thing. Its value is based on supply demand. I have bought some through an ETN based on a Swedish exchange”
Mark also explained that central banks will not allow the technology to grow as a currency.
All the skeptical thoughts come to an end
But all the skeptical thoughts seems to have come to an end when he announced his investment in Unikrn.
Cuban confirmed the report in an email to CNBC. “I want to learn more about them,” he said.
I “haven’t signed the paperwork yet. But it’s likely it will happen,” he added.
A few months later, Mark Cuban changed his tune towards bitcoin as the entrepreneur gave bitcoin a thumbs up to his 7.1 million Twitter followers.
“I think it’s in a bubble — I just don’t know when or how much it corrects,” Mark said. “I think blockchain is very valuable and will be at the core of most transactions in the future. Healthcare, finance, etc all will use it,” Cuban adds.
Big move for the sports industry
Mark announced in mid-2018 that the Mavericks would be entering the crypto market in the coming 2018-19 NBA season by accepting digital currency. Fans will be allowed to purchase everything from tickets to merchandise, with the new 5miles technology-based CyberMiles (CMT). 5Miles, the company behind the CMT altcoin, recently announced a three-year co-branded partnership with the Mavs last March.
At a press conference held last March, Cuban discussed the benefits of the partnership, in terms of utilizing and the technology behind it.
“Implementing [blockchain technology] into a marketplace app allows us to sell to our fans more securely. And for those people who are committed to cryptocurrency — whether you see it as a store of value, whether you see it is as a gamble, whether you see it as the future (and the same with tokens) — we want to be able to allow people to transact business how they want, when they want, where they want.”
This made the community believe that Mark is onto something in the blockchain and that further investment in this upcoming space will be coming shortly.
Moving forward into late 2018, Mark Cuban and his investment team announced some exciting news for the blockchain community.
Cuban is always looking for the next big opportunity and it is clear he sees blockchain falling in that category. Earlier last year he was part of an investment in cryptocurrency hedge fund 1confirmation and Unikrn Gold, a virtual currency used for betting on sports and gaming events.
His latest project is an app self-titled Lympo after their partner, is designed to be a cryptocurrency token intended to incentivize users to lead healthier lifestyles by rewarding such behavior. Cuban, along with Lympo Co-Founder Antanas Guoga, has said that the application will be the first to directly incentivize and reward exercise with a token that provides monetary value and not just speculative value.
Gamification has been much more common in attempts by startups to attract users and Lympo will use this method to reward potential users with cryptocurrency tokens as they complete walking and running challenges that will be displayed on the website.
The token will have the title “LYM” utility token and will be exchangeable for goods that can be valued in fiat currency. With many current cryptocurrencies being traded and exchanged for other cryptocurrencies like Bitcoin and Ethereum, it is a step forward in the space to have a potentially niche token that directly provides fiat currency value on its own.