- Mark Cuban did an AMA (“ask me something”) on the r/wallstreetbets subreddit.
- Requested about areas “with the potential to blow up within the subsequent 10 years,” Cuban pointed to DeFi and NFTs.
- He additionally mentioned he revered the mentality behind Bitcoin investing.
Mark Cuban—billionaire, Dallas Mavericks proprietor, and Shark Tank man—stopped by the r/wallstreetbets subreddit for an AMA session on the way forward for mob-mentality retail buying and selling.
Subjects included the buying and selling app Robinhood’s choice to limit Gamestop and AMC inventory as costs soared (Cuban is anti!), the SEC (additionally anti!), and easy methods to establish the following large funding space.
One consumer requested Cuban, “What trade that’s comparatively small now has the potential to blow up within the subsequent 10 years?”
“DeFi, NFTs,” wrote Cuban, earlier than including that “there shall be quite a lot of ups and downs alongside the best way.”
decentralized finance, is a catch-all time period for sure sorts of non-custodial protocols and crypto funding tasks. The , or amount of crypto locked up in these DeFi protocols final yr went from $700 million to over $15 billion. It now stands at over $28 billion, per knowledge from DeFi Pulse.
The concept is that with DeFi, customers can make investments cash with out having to depend on a financial institution, and benefit from interesting yields within the course of. DeFi has proven potential for big, fast returns, and in addition for debilitating hacks: according to the blockchain analytics firm CipherTrace, DeFi was among the many prime targets for crypto-related scams in 2020.
Cuban has been spreading the DeFi gospel over the past week: in a Twitter thread, Cuban prompt that the Gamestop pumpers of r/wallstreetbets might need made extra money in crypto.
The second a part of Cuban’s reply, , are non-fungible tokens—distinctive collectibles like artworks and online game add-ons, sometimes on the Ethereum blockchain. These too have risen in recognition as of late. In 2020, the NFT market grew by greater than 57% and topped $100 million in trading volume.
He’s additionally promoted NFTs, and revealed a few of what’s in his personal crypto pockets. Ever the ahead thinker, he’s additionally apparently been hanging onto crypto from “the early days of .”
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