- Mark Cuban championed Dogecoin and blockchain in an interview this week.
- The “Shark Tank” star argued bitcoin isn’t a currency, or hedge against inflation.
- Cuban also touted decentralized finance (DeFi) and non-fungible tokens (NFTs).
- See more stories on Insider’s business page.
Tech billionaire Mark Cuban trumpeted decentralized finance (DeFi), dismissed bitcoin as a hedge against inflation, and explained why he loves dogecoin on Cointelegraph’s “Blockchain & Booze with Adam Levy” show this week.
The “Shark Tank” star and Dallas Mavericks owner – who sold his audio-streaming startup to Yahoo during the dot-com frenzy – also discussed the cryptocurrency boom, predicted blockchain will revolutionize business, and shared his first experience with non-fungible tokens (NFTs).
Here are Cuban’s 21 best quotes from the conversation, lightly edited and condensed for clarity:
Stocks and cryptocurrencies
1. “The stock market isn’t gonna stay where it is unless interest rates stay really low. If interest rates stay really low then there’s no other place to put your money, so people are going to put their money into stocks and alternative assets like NFTs. If interest rates get up to 3%, 4%, 5%, then you’ll see the prices start to come down some.”
2. “When interest rates are this low, people are taking greater chances: ‘If I’m gonna make half of 1%, let me buy $600 of ethereum, or bitcoin, or whatever it is, and see where it goes.'”
3. “You’ve got nothing else to do. You’re sitting there and you’ve got this money, if you put it in the bank it’s gonna make you nothing. Crypto is like fantasy sports.” – explaining why the pandemic has accelerated adoption of cryptocurrencies.
Bitcoin and blockchain
4. “In the early days of the internet, everything went from analog to digital. Over the last five to seven years, you’ve seen it becoming servitized, where it becomes an online service like DocuSign. Now you’re going to see the blockchainization of all that, where those same things can be put on a public blockchain, encrypted, validated, and made available far more easily. A lot less overhead and administration assigned to it, a lot less computing power required to manage it, a lot fewer employees required to deal with it.”
5. “This whole thing of bitcoin or any cryptocurrency being a hedge against inflation, there’s just no connection there whatsoever. You can’t have something that’s only available at the whim of HODLers and miners be a hedge to fiat, you just can’t.”
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6. “Bitcoin is an algorithmic source of scarcity and a store of value. But that’s supply and demand, which has nothing to do with hedging against inflation. Just like gold has nothing to do as a hedge against inflation. It makes for a great sales pitch. It’s like price-earnings ratios and ‘buy…