Zinger Key Points
- Mark Cuban took to his X account to answer his followers' crypto-related questions.
- Cuban reveals which cryptocurrencies he holds, why he is bearish on DeFi and what he likes and does not like about crypto.
On Monday afternoon, Mark Cuban invited his 8.8 million X (formerly Twitter) followers for a spontaneous Ask Me Anything (AMA) session.
Here are his best cryptocurrency-related answers.
"Do the Mavs still accept Dogecoin?"
"Yes" was the simple answer. In 2021, Cuban's Dallas Mavericks started famously accepting Dogecoin DOGE/USD as a payment method.
Of course, if you had invested in Dogecoin when the Mavs started accepting it, you would be doing quite well now.
"Do you like my printer?"
To this ironic question from a parody profile of Federal Reserve Chairman Jerome Powell, Cuban responded with a concise "Go Brrr."
Cuban has previously mused about whether the website of the Federal Deposit Insurance Corp., or FDIC, would be able to handle the traffic after the Fed stepped in to protect depositors in March 2023.
"What do you think of the dogwifhat meme? Are you wif us?"
Cuban's answer: "I don’t think about it."
Unlike many other cryptocurrency investors, Cuban does not seem impressed by the surge in interest in Solana SOL/USD memecoins like Dogwifhat.
"Are NFTs a scam or do they have real use cases/value?"
Cuban is a long-time NFT connoisseur and has weighed in on rather obscure NFT-related creator drama before.
His answer to this question: "They are a collectible in most cases but can be used for other things. Only buy them to use or collect them. Not to speculate."
This flies in the face of their empirical use case thus far, which has been mostly speculation-related. But Cuban may simply be early here.
"What do you think about music NFTs???"
Cuban was not convinced by this specific use case: "Tough sell. Hasn’t found a compelling aspect yet."
That says something coming from Cuban, who didn't even abandon crypto after his wallet got hacked.
"Fav crypto project outside of Bitcoin and ETH?"
Cuban likes "Polygon and Injective, I’m an investor in both. DYOR."
Polygon MATIC/USD is up 3% on the day and Injective INJ/USD is up 6.5%.
"Your biggest crypt/NFT bag and what’s your conviction on it."
Cuban's portfolio is fairly conservative for an experienced cryptocurrency investor: "BTC/ETC/MATIC/INJ but this is not a recommendation. Just a response."
Surprisingly enough, Dogecoin does not feature in his portfolio.
"Thoughts on on-chain finance in 2024?"
Cuban is famously an investor in decentralized finance but is not wowed by its current state: "I think we need new ideas with more utility."
Presumably, new ideas with more utility would ensure Cuban does not end up on the wrong end of another rug pull.
"Is DeFi the future of finance?"
Unsurprisingly, Cuban has cooled on the prospects of decentralized finance: "I hope so. But it’s not trending in that direction."
However, the Mavericks owner still thinks DeFi can be an alternative to traditional finance.
"As someone who has experience in both traditional finance and crypto, what is your view on Real World Assets?"
"Going to be a hard sell," according to Cuban. This goes directly against Larry Fink's bullish prediction that all assets will be eventually tokenized.
"What are your thoughts in crypto?"
Cuban's take probably reflects that of many retail investors: "I hate the speculation but love when there is utility."
Until crypto can be explained to grandmothers, Cuban may not be inclined to change his opinion.
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