Mark Cuban With The 3 B’s: Bitcoin, Blockchain & Basketball

Mark Cuban With The 3 B’s: Bitcoin, Blockchain & Basketball

Mark Cuban gave an exclusive insight into why he hates both gold and Bitcoin earlier this year, arguing that they’re not viable alternatives to currency because they’re “in a bubble”. He was then branded as a Bitcoin skeptic by many. But the self-made billionaire and Dallas Mavericks’ owner seemed to be having a change of mind over the matter as he reveals to the press his Bitcoin-related plans and investments.

A Change of Mind

Cuban’s previous statements continue to swarm the news. He even tweeted on his official Twitter page that he really thinks Bitcoin is in a bubble, despite people bragging about how easy it is to earn dollars through it. However, it’s worth noting that he has made investments in the cryptocurrency industry and has cautioned others about buying Bitcoin and its counterparts. When asked what changed, he answered: “I was always a fan of the blockchain and said so. I just explained that I was a fan of blockchain to people and told them I took a flyer and bought some Bitcoin and Ether.”

Crypto-Payments For Basketball Tickets

Following his change of mind over Bitcoin, Cuban once again revealed through Twitter that it would be possible to buy basketball tickets with cryptocurrency in the next season of the NBA. The plan was to actually introduce cryptocurrency earlier this year, but the deal didn’t push through. Surprisingly, crypto buying and selling app 5miles is the new official jersey patch sponsor for Dallas Mavericks. To elaborate, Cuban explained: “The inclusion of cryptocurrencies had a lot to do with working with 5miles, I’ve always tried to be two steps ahead, and that’s where we really got the greatest match.” He then added, “We will be adding a crypto payment ability…we will accept BTC, ETH, possibly some other currencies. That’s to be determined.”

Using Blockchain For Tokenizing Athletes

Along with the plans to finally use Bitcoin as a mode of payment, Cuban also shared his insights towards other technological properties the blockchain technology can contribute to the sports industry. One example is the concept of tokenizing athletes via blockchain. He said: “It’s been tried before, and blockchain doesn’t solve the problems that killed it in the past. I think it can be of huge benefit for personal medical records of players—allowing players to control access, but also enabling them to take records with them throughout their lives.”

Advice For Potential Crypto Investors

As a crypto-user and Bitcoin skeptic, Cuban saw both the potentials and limitations of the coin. Despite it all, he’s a self-made billionaire who knows what he’s doing. For that reason, he shared a critical advice for those people who want to invest in Bitcoin: “Valuations are incredibly volatile. I think that will continue until we start to see blockchain applications become mainstream and consumers have a better understanding of it.”