Billionaire Mark Cuban says he’s been a long-time cryptocurrency investor despite his harsh criticism of crypto assets.
In a new tweetstorm, the entrepreneur says he is far better informed about cryptocurrency than some might think.
“I don’t think people realize that I am trying to test and use all of this stuff and have been for years. I still have crypto from the early days of Coinbase. I never sold anything.”
The Cuban says he is also following the growing DeFi (decentralized finance) movement.
In just under a year, the total value set in DeFi protocols rose from $ 900 million in February of last year to $ 20.6 billion today.
Amid the meteoric rise, Cubans warns that space is at the same risk of collapse as the traditional derivatives market.
“Remember that with DeFi, as with all derivatives, risk never leaves the system. One segment collapses, everyone is at risk of collapse. “
The Cuban also doubles his stance that Bitcoin’s scarcity is the main selling point for the leading cryptocurrency.
In his response to twin founder Tyler Winklevoss, Cuban argues that the value of digital assets is based more on the sentiment of traders and the narratives surrounding the asset than on any real intrinsic value.
“You make my point clear. Supply and demand are the ONLY things BTC values. We disagree on balance sheets and devaluation. One of the challenges facing government BSs is assessing intellectual property, intangible assets, and cost-based assets. “
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