Speaking during an interview with CNBC Make It, the billionaire investor talked about the crypto market, saying that while the market has seen considerable growth this year, he believes that not all digital assets and cryptocurrencies are equal.
Ethereum For New Investors
Cuban, when asked which cryptocurrencies he would suggest for newcomers in the crypto space, suggested that new investors and beginners in the crypto space should look at investing in Ethereum, as according to him, it had the most upside. He also elaborated further on what he thought about some of the most popular digital coins in the space.
“As an investment, I think Ethereum has the most upside, And bitcoin is better gold than gold.”
Dogecoin Ideal To Learn About Cryptocurrencies
Cuban also recommended Dogecoin, saying it was the ideal cryptocurrency for beginners to learn about how communities in the crypto space can positively impact the market. Dogecoin had, earlier this year, broken into the top ten cryptocurrencies by market value, thanks in part due to the Dogecoin community. He also recommended the meme coin for “fun.”
An Extensive Portfolio
While financial experts generally view cryptocurrencies as risky investments. Thanks to their volatile nature, Cuban has an extensive portfolio in crypto, including several cryptocurrencies such as Bitcoin, Dogecoin, Ethereum, and several other altcoins. His portfolio also includes NFTs or non-fungible tokens.
A Firm Believer In Crypto
Mark Cuban has previously showered praise on Bitcoin, Ether, and Dogecoin. Speaking on the Delphi Podcast in April, Cuban spoke about the Ethereum blockchain, elaborating on how smart contracts on the Ethereum blockchain had changed everything in the crypto space. Speaking further, he elaborated on his reasoning, stating that smart contracts can do several things such as powering Decentralized Finance, DeFi applications, and NFTs. He also stated that he wishes he had bought Ether sooner, believing it to be the closest to a true currency.
BTC A Better Alternative To Gold, Dogecoin Use Cases
Cuban also referred to BTC, calling the cryptocurrency a better alternative to gold, thanks to its built-in algorithmic scarcity, meaning a limited quantity exists by design. Cuban also saw unique use cases for Dogecoin, stating,
“It’s a medium that can be used for the acquisition of goods and services. The community for doge is the strongest when it comes to using it as a medium of exchange.”
He also revealed that he had bought a small amount of Dogecoin for his son, stating that the purchase was meant as a fun and educational exercise for his son while also allowing Cuban to learn more about the space.