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Mark Cuban, a well-known investor on Shark Tank, is a strong advocate for cryptocurrency and blockchain technology. In a conversation with entrepreneur Farokh on his show Rug Radio on November 17, 2024, Cuban talked about the challenge of achieving mainstream crypto acceptance in the industry. He said:
"That's the holy grail right now in my mind of crypto...There's a lot of people trying to do things with Bitcoin, but it's hard, right?"
The Shark Tank investor focused on the need for crypto technologies to offer tangible value to everyday users. He suggested that the key to crypto's success is in creating user-friendly applications that even older generations, like grandparents, can easily adopt and use.
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Mark Cuban's vision for crypto: Insights from Shark Tank investor on the industry's future
In an October 22 interview with INC, Mark Cuban emphasized that the cryptocurrency market is still waiting for its juncture, saying:
"It’s not [mainstream]. It’s waiting for its Instagram moment. Which I think will come."
The Shark Tank investor shared that the key to this shift is creating applications that appeal to a wide audience, including those who may be less technologically inclined. He added that once an app is developed which even seniors can use and is simple enough for people of all ages to navigate, crypto could become a ubiquitous part of daily life. He told INC:
“An app that even Grandma wants to use and will go through the process to download a wallet to do so."
Mark Cuban compared the current situation in crypto to the early days of the iPhone, where the technology alone was not enough to ensure its success. He told Farokh on Rug Radio:
"When the iPhone first came out, it took the App Store to really accelerate it. But what really made it go was apps like Instagram, Snapchat, and Facebook going on."
He stated that his approach to investing in the crypto industry is grounded in the search for utility. He further mentioned that although platforms such as Bitcoin offer certain benefits, they are not intended to meet the daily transactional requirements of users.
"My preference is to look for what's going to add utility to end users, because that's what's missing in crypto," Cuban added.
In his view as a Shark Tank investor, the most promising investments are those that provide direct benefits to end users. Cuban shared that he invested in a variety of blockchain projects, including Polygon and others, because of their potential to add value to both the crypto ecosystem and the general public.
"You know, I'm an investor in Polygon, all the way through ARB and others. And there's level ones and there's level twos. There's all the different stuff," he told Farokh.
He further said that for crypto to gain widespread use, it must evolve beyond its current role as a speculative asset and become an integral part of daily transactions.
The outcome of investing in Bitcoin based on Mark Cuban's 2017 advice on Vanity Fair
Previously, in an October 2017 interview with Vanity Fair, Mark Cuban advised investors to allocate a small portion of their funds into cryptocurrencies like Bitcoin and Ethereum, calling it a "Hail Mary" investment. Cuban stated:
“If you're a true adventurer and you want to throw the Hail Mary, you might take 10% and put it into Bitcoin or Ethereum.”
However, he also cautioned that such investments should be treated like collectibles. He noted:
“If you do that you've got to pretend you've already lost your money.”
He further explained that these digital assets, much like art or baseball cards, are “only worth what somebody else will pay for it.” Despite the risk, Mark Cuban believed that the potential reward could be significant for those willing to take the gamble.
In other news, Mark Cuban told People Magazine in October 2024 that he stepped away from Shark Tank to spend more time with his family, especially now that his children are teenagers. He added that he looked forward to taking vacations with them.
New episodes of Shark Tank air on Fridays at 8 PM ET and are available to stream on Hulu.
