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Billionaire Mark Cuban Reveals that He Has Invested in Bitcoin

It seems like billionaire Mark Cuban has changed his view on cryptocurrencies as he recently revealed that he owns some bitcoins. This comes as a surprise because he was quoted one month ago, saying that he does not hold any crypto.

Mark Cuban is the owner of Dallas Mavericks, which plays in the NBA and also a notable investor. Dallas Mavericks in August 2019, announced that it would partner with BitPay and will thus accept Bitcoin for merchandise and tickets.

Cuban appeared on The Pomp Podcast, where he was hosted by Anthony Pompliano. It is on this show that he estimated the value of Bitcoins that his team had accumulated since the announcement of the partnership.

Taking about Bitcoin, Cuban is heard saying, “We have put it out for the Mavericks. We did it originally four years ago, but no one bought anything. We have now decided to accept Bitcoin”. He continues, “Go buy everything in Bitcoin. I am okay with that. I think we have brought in $130 worth of Bitcoins, and that is all that I own.”

Cuban argues that the dependency of Bitcoin on fiat currency is one of the greatest barriers to its widespread adoption. He argues that at the moment, you have to convert Bitcoin to fiat currency to spend it. In his previous interview with Kevin O’Leary, Cuban pointed out some challenges of cryptocurrencies such as difficulties in spending crypto, widespread understanding, and onboarding challenges as some of the reasons why he does not hold cryptocurrencies.

Statements from investors such as Cuban have, in the past, affected the prices of Bitcoin against fiat currencies. Bitcoin’s price has been on the rise in the past week, which is good news for investors.

Image via Shutterstock

Billionaire Shark Tank Investor Mark Cuban Changes Tune on Bitcoin as Store of Value

Mark Cuban, a billionaire entrepreneur famous for his role as an investor on Shark Tank where aspiring entrepreneurs pitch their business models, has watered down his Bitcoin criticism and now appears to view it as a store of value.

Complimenting Bitcoin

During a conversation with Preston Pysh, a bitcoin believer and co-founder of the Investor’s Podcast Network, Cuban tweeted that Bitcoin can be a store of value. Still, it has not yet proven that it can replace the present financial system.

This response by Cuban marks a remarkable change in the billionaire’s attitude towards Bitcoin, when compared to a response he made late last year after being asked why he was not a crypto supporter.

He stipulated, “I’d rather have bananas. I can eat bananas. Crypto, not so much. Look, I can make a great argument for blockchain. There’s a lot of applications, and they’ll be used. But you don’t need public Bitcoin, BTC. You can create blockchain on your own without using all the available cryptocurrencies.”

Cuban’s view about Bitcoin being a store of value comes at a time when a recent survey revealed that 60% of Bitcoin supply has not moved in the past year. The on-chain analysis company noted that this trend illustrated investor’s hodling behavior as the leading cryptocurrency is regarded as a store of value.

Bitcoin making airwaves

Cuban’s sentiments show the way Bitcoin is no longer an asset that is in oblivion in the eyes of many investors.

Moreover, analysis from leading companies like Bloomberg suggests that Bitcoin price could surge past $20,000 this year, by doubling an all-time high of $14,000 recorded last year. It further indicated that adoption was the key metric as the much-anticipated Bitcoin halving event took place on May 11, and mining rewards were slashed from 12.5 BTC to 6.25 BTC.

Dogecoin Accepted as Payment by NBA's Dallas Mavericks as Owner Mark Cuban Invests in NFT Platform

Dogecoin (DOGE) will continue gaining traction, and it will soon be entering the NBA thanks to seasoned investor and owner of Dallas Mavericks – Mark Cuban.

Dallas Mavericks will be accepting Dogecoin payments for tickets and merchandise purchased online. The NBA team and BitPay – one of the world’s biggest cryptocurrency payment services – will partner up to enable Dogecoin payments by fans.

The hype Tesla founder Elon Musk has created for Dogecoin seems to have carried on and snowballed, as the meme-based cryptocurrency has entered mainstream adoption. The Mavs are not the only ones who have embraced Dogecoin as a form of payment. Earlier this week, Coinflip ATM provider announced that the Shiba-Inu token will be made available for purchase across 45 states in the U.S., on 1,800 machines.

Before DOGE, the Dallas Mavericks have been accepting Bitcoin as payment for almost two years. Although the NBA franchise has been very forward-thinking with cryptocurrencies, it is not the first in the league to accept cryptocurrencies – In 2014, the Sacramento Kings announced that it will accept Bitcoin payments for tickets and merchandise.

Mark Cuban embraces crypto and NFT wave

Dallas Mavericks owner Mark Cuban previously disclosed that he himself had bought DOGE initially so that his son could teach him about crypto. He said:

“For those of you who would like to learn more about Dogecoin, we strongly encourage you to talk to your teenagers who are on TikTok and ask them about it. They will be able to explain it all to you.”

Mark Cuban, the owner of NBA Dallas Mavericks and a billionaire investor, has been among the market bulls embracing the cryptocurrency wave. Cuban appears to favour Ethereum over Bitcoin, however, having only warmed up to the “digital gold” asset recently.

The Dallas Mavericks’ Dogecoin announcement comes as Cuban revealed that he recently invested in Mintable, an NFT platform. The NFT company took to Twitter to announce that the seasoned investor has backed its services, saying:

“It’s official! Mark Cuban has invested in Mintable & we are now proud to be one of the Mark Cuban Companies!”

Cuban said that in his opinion, NFTs were potentially going to replace physical collectibles at some point. He himself has gotten ahead of the game by launching his very own NFT-based “Mark Cuban mini-series.”

What are NFTs?

NFTs are non-fungible tokens that have been all the rage as of lately. They are tokens that are used in several applications, where you can find digital items such as crypto art, digital collectibles, and online gaming accessories. NFTs are one of their kind and are what StadiumTalk dubs “the Mona Lisa of baseball cards,” as each token is unique and irreplaceable.

Most NFTs run on the Ethereum blockchain, and they represent physical assets that have been tokenized. Currently, the hype around NFTs has led to an explosion of digital art being sold via blockchain technology.

Recently, a Banksy art piece worth $95,000 was bought by a blockchain company. The Banksy painting was digitized by Injective protocol. The process involved burning the painting to then create a digital representation of the art using blockchain technology.

Billionaire Entrepreneur Mark Cuban Invests in Polygon,Driving it to Surge by 12645% on a Year-to-Date Basis

Mark Cuban, an American billionaire entrepreneur, expressed his support for the Polygon network.

Polygon’s official Twitter announced Wednesday that polygon had been successfully listed on the Mark Cuban Companies website as one of his holdings.

The announcement seems to endorse Mark Cuban’s investment portfolio based on Polygon, a protocol that focused on Ethereum expansion and infrastructure development, strives to expand the adoption of its Layer 2 proof-of-stake sidechain platform.

Formerly known as MATIC, Polygon provides scalable, secure, and instant Ethereum transactions designed to use Plasma side chains and a Proof-of-Stake (PoS) network to solve the pain points of slow block confirmation and high gas fees, thereby simplifying the interaction between users and the decentralized world.

Polygon has been integrated with multiple Decentralized Finance (DeFi) and non-fungible token (NFT) related projects.

Mark Cuban also revealed that Polygon would also be integrated into Lazy.com, a Cuban portfolio platform focused on non-fungible tokens, to ensure a competitive advantage with faster transactions and lower fees to be maintained.

Polygon’s token MATIC recently surged by 2600% on a year-to-date basis as the adoption of Layer 2 accelerates before April 24.

With the endorsement of billionaire Mark Cuban, Matic has increased by 39.18% in the past 24 hours, according to Coinmarketcap. The MATIC token was trading at $2.27, with a total increase of 12,645% since the beginning of 2021 of around $0.01781.

Source:DEFI PULSE

According to DeFi Pulse data, Polygon itself ranks as the 4th largest DeFi protocol (previously ranked 17th), with a total locked value(TVL) of $7.127 billion, reaching its highest value of TVL.

Dogecoin Coinbase Debut Aided by its Growing Utility

Unlike the recent volatility that bedevils new listings, Shiba Inu-themed cryptocurrency, Dogecoin (DOGE), played an impressive run after it got listed on the Coinbase trading platform, as it sustained the momentum in its price rally in the early hours on Wednesday.

Over the past 24 hours, Dogecoin surged to an intraday high of $0.4446, rising as high as 40% at a time. DOGE, Elon Musk’s favourite coin, has pared off some of its gains and is exchanging hands at $0.431, up 14.62%, according to CoinMarketCap.

Dogecoin’s Growing Utility Paved Way for its Listing

Dogecoin has become one of the top 10 cryptocurrencies by market capitalisation, as massive publicity from Elon Musk and billionaire investor Mark Cuban helped to redefine the coin’s utility. Dogecoin’s popularity has fueled a new crop of businesses to add it as a payment mode. These firms range from Cuban’s Dallas Mavericks, who accept the coin for its tickets and merchandise, to speculate that Tesla may be on track to accept the coin.

Dogecoin is available on over 1800 ATMs in the US. However, the listing on Coinbase will boost the accessibility of the coin to investors in the US in particular.

Dogecoin no Longer a Pump and Dump Cryptocurrency

Dogecoin has recorded a great deal of growth over the past few years. Also, the change in the past was reflected at best, a pump and dump coin. However, the fact is that investors worldwide are now holding the Coin rather than DOGE. Not as a meme cryptocurrency built as a joke, but for its growing value.

Through the backing and the constant tweets of Elon Musk, the coin has risen from a pump and dump coin to that which now competes with Bitcoin for speed and popularity, amongst other things.

Billionaire Mark Cuban Believes Dogecoin Is the Best Crypto as A Medium of Exchange

Dallas Mavericks owner and billionaire entrepreneur Mark Cuban recently said that Dogecoin is the best crypto asset as a medium of exchange.

Last week, Cuban told CNBC that: Dogecoin is a “medium that can be used to acquire goods and services. The community for doge is the strongest when it comes to using it as a medium of exchange.” Meanwhile, Elon Musk has backed Cuban’s statement by stating: “I’ve been saying this for a while.”

Although Dogecoin developers created the meme cryptocurrency as a joke and never intended it to be taken seriously, Cuban states that it has a unique use case over other crypto assets.

Elon Musk and Mark Cuban have been drawn to Dogecoin due to its strong community and light-hearted nature, and both the celebrity businessmen have been vital to its 8,000% gain over the last year.

However, crypto users struggle to see good things that Cuban and Musk see in Dogecoin, which is more complicated and highly volatile to purchase than mainstream payment options.

Many crypto investors are particularly sceptical about altcoins like Dogecoin, whose price is heavily influenced by celebrity endorsements and social media buzz.

While Cuban admits that Dogecoin is not the best investment that people can make, he says that the meme-inspired cryptocurrency is the best digital currency as a medium of exchange.

Doge Moves Mainstream

Dogecoin was created in 2013 as a lighthearted alternative to traditional crypto assets like Bitcoin. Unlike Bitcoin, which is designed to be scarce, Dogecoin is intentionally abundant – 10,000 new coins are mined every minute, and there is no maximum supply.

Dogecoin was trading at about $0.03 per coin, has been increasing its value by more than 1000% since the beginning of this year.

In late April, Cuban announced that his Dallas Mavericks professional basketball team based in Dallas started accepting Dogecoin as a payment method for merchandise and tickets after the cryptocurrency saw a resurgence in popularity.

During that time, Cuban said: “We have chosen to do so because sometimes in business you have to do things that are fun, engaging and hopefully generate a lot of PR.”

Earlier this year, Cuban stated in an interview with Forbes that he had purchased some Dogecoin for his son, despite saying that the crypto has no intrinsic value.

The meme crypto has risen its value by around 10,340% since the start of the year, partly due to endorsements from other billionaires, mainly Tesla and SpaceX CEO Elon Musk. They also in February said that he bought Dogecoin for his infant son.

Mark Cuban To Testify On Voyager Marketing

Next month, the owner of the Dallas Mavericks, Mark Cuban, is scheduled to give a deposition as part of the defense against a potential class-action lawsuit alleging that he promoted a Ponzi scheme in the form of the now-defunct cryptocurrency lender Voyager Digital. The lawsuit alleges that Cuban was aware of the Ponzi scheme and failed to stop it.

U.S. Magistrate Judge Lisette M. Reid issued an order on January 9 denying Cuban’s motion to break the deposition into two sessions. Instead, the judge ruled that Cuban’s complete deposition would be conducted on February 2 in Dallas, Texas. Cuban appealed this decision, but the request was refused.

Before February 23, two workers of the Dallas Mavericks will testify in a deposition that is being taken as part of the defense.

In addition, the court ruled that the case’s three plaintiffs, Pierce Robertson, Rachel Gold, and Sanford Gold, would each give a deposition prior to the end of this month.

The attorneys for the plaintiffs expressed their delight on January 9 in an interview with the newspaper Law360, which covers legal news, that the court had rejected Mark Cuban’s requests to suspend and postpone the discovery process.

A representative for Cuban’s legal team also talked with Law360 and said that the deposition of the plaintiffs would address questions about standing, claimed false claims that were included in the lawsuit, and inquiries regarding the Voyager accounts that were owned by the plaintiffs.

The contested complaint was first filed on August 10 of this year. The plaintiffs argue that Cuban misrepresented Voyager on many times before it went bankrupt, including false claims that it was cheaper than its rivals and that it offered trading services “commission-free.”

In addition to this, the lawsuit asserts that the company sold unregistered securities and that Cuban and Stephen Ehrlich, the CEO of Voyager, used their expert knowledge to persuade uneducated investors to invest their life savings in what they now believe to be a Ponzi scheme. Cuban is also named in the lawsuit.

On July 6, Voyager filed its bankruptcy petition under Chapter 11 after struggling with cash challenges brought on by the crypto winter and a significant debt to Three Arrows Capital that was defaulted on by the latter. The reorganization of the company was underlined as the reason for the transfer by the company.

Mark Cuban-Backed NFT Platform Nifty's Shuts Down After Failed Investment Opportunities

Nifty’s, a notable platform focused on Web3 creators, announced the cessation of operations earlier today.

Founded with the goal of becoming a beacon for digital art collectors and creators, Nifty’s made a pivot earlier this year to focus on building products for Web3 creators. This strategic decision came as a response to challenges faced in a difficult market and the need to maximize limited resources.

However, despite diligent efforts to secure investment opportunities, the company found itself at a financial dead end. The anticipated investments did not materialize, leaving Nifty’s without the necessary capital to continue.

Notable NFT (Non-Fungible Token) projects released on Nifty’s include “The Matrix Avatars,” “Looney Tunes: What’s Up, Block?,” “Game of Thrones: Build Your Realm,” and “Bullet Train.” Fans of these and other projects, such as “Space Jam: A New Legacy” and “Shark Week,” have been provided with instructions to export their private keys and preserve their collections via Nifty’s support page.

In a farewell statement, the Nifty’s Team expressed gratitude to its community and partners and assured that they had decentralized all the NFT media and redistributed the NFTs on the Polygon blockchain, except those already on Ethereum. This measure has been taken to ensure that these projects live on, even as Nifty’s operations wind down.

For updates on Warner Bros. projects, Nifty’s directed users to follow specific Twitter handles: @BuildYourRealm, @LooneyTunesNFT, and @matrix_avatars.

Though Nifty’s journey has come to an end, the company expressed its enduring belief in the power of digital ownership and the ongoing story of Web3. It concluded its statement with a hopeful sentiment, looking forward to the future of the Web3 community.

The shuttering of Nifty’s operations serves as a poignant reminder of the volatile nature of the tech and digital art industries, where innovation, investment, and adaptability often determine success or failure.

About Nifty’s

Nifty’s, a new social marketplace for NFTs, once launched a collection of “Space Jam: A New Legacy” NFTs and a $10 million seed investment led by notable investors. Announced first in March, 2021 and backed by billionaire Mark Cuban, the platform has distinguished itself from Nifty Gateway, another NFT marketplace. Nifty’s partnered with Warner Bros. to introduce officially licensed “Space Jam” collectibles, showcasing NBA star LeBron James with classic “Looney Tunes” characters.

Even Mark Cuban Isn't Immune: CZ's Essential Guide to Fortifying Your Crypto Assets

In a recent tweet, Changpeng Zhao (CZ), the CEO of Binance, highlighted the vulnerability of even the most seasoned crypto users, referencing the recent incident where entrepreneur Mark Cuban confirmed he was hacked for $870,000 on MetaMask. CZ emphasized the importance of security awareness and practices in the crypto space, pointing to an article he penned three years ago on Binance’s official blog.

The tweet from CZ read: “Mark Cuban Confirms Getting Hacked for $870K on MetaMask. This happens to the most experienced of crypto users. Read this article I wrote 3 years ago. There is a section about downloading software, wait 72 hrs, etc. Stay #SAFU.”

In the linked article titled “Keep Your Crypto #SAFU (CZ’s Tips)” on Binance’s blog, CZ delves deep into the nuances of crypto security. He stresses that while security is paramount, there’s a noticeable gap in security awareness among everyday users. He also notes the challenges experts face in designing user-friendly security setups that don’t compromise on robustness.

A few key takeaways from the article include:

The acknowledgment that no system is 100% secure. The goal is to make it “safe enough” based on the value of assets being protected.

The importance of understanding basic security concepts, especially when deciding between storing coins personally or on a centralized exchange.

The three primary objectives for securing coins: preventing theft, avoiding personal loss, and ensuring a method to pass them on in unforeseen circumstances.

A detailed discussion on the pros and cons of different storage methods, including personal devices, hardware wallets, and centralized exchanges.

The significance of securing one’s email account, using strong and unique passwords, and the role of two-factor authentication (2FA).

CZ’s emphasis on security comes at a time when the crypto market is buzzing with activity and attracting a new wave of participants. His insights serve as a reminder that while the crypto landscape offers immense opportunities, it also comes with its set of challenges, especially in the realm of security.

In conclusion, as the crypto community continues to grow and evolve, the importance of security cannot be overstated. Whether you’re a seasoned expert or a newcomer, staying informed and vigilant is the key to safeguarding your assets in the digital realm.

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NBA Entangled in $4.2 Billion Lawsuit Over Voyager Crypto Collapse

The National Basketball Association (NBA) is currently embroiled in a significant legal battle, with a class-action lawsuit filed against it over its association with the now-bankrupt cryptocurrency exchange, Voyager Digital. This lawsuit, seeking damages exceeding $4.2 billion, accuses the NBA of negligence in its promotional activities with Voyager, which also involved marketing ties with Mark Cuban, the former owner of the Dallas Mavericks. The plaintiffs argue that the NBA’s endorsement effectively legitimized Voyager’s unregistered securities, contributing to substantial financial losses for the exchange’s users when it collapsed.

Voyager Digital’s bankruptcy filing in July 2022 marked a significant downturn in the crypto market, primarily due to its heavy reliance on investments with the failed hedge fund Three Arrows Capital. This led to the suspension of customer withdrawals, causing widespread financial distress among its investors. The lawsuit implicates not just the NBA but also extends to the role played by Mark Cuban in promoting Voyager. Cuban himself has faced legal scrutiny in a separate lawsuit, which alleges that he misrepresented the safety of investments in Voyager, although he has denied these claims.

The litigation against the NBA and other associated entities, such as Voyager’s law firm McCarter & English, reflects the broader concerns regarding celebrity endorsements and the partnerships between crypto companies and mainstream organizations. This legal challenge may very well set a precedent for the responsibilities and liabilities of brands and public figures who endorse cryptocurrency platforms and products, highlighting the need for due diligence and transparency in such endorsements.

The unfolding of this lawsuit is closely watched by stakeholders in both the sports and cryptocurrency industries, as it underscores the risks and complexities at the intersection of digital finance and mainstream endorsement. The legal outcomes could influence future marketing strategies, celebrity endorsements, and the regulatory landscape surrounding digital currencies and their promotion. It also serves as a cautionary tale about the volatile nature of the cryptocurrency market and the potential repercussions for entities that venture into it without fully grasitating the associated risks and regulatory requirements.

This case not only raises questions about the legal responsibilities of promoting cryptocurrency investments but also emphasizes the importance of investor protection in the rapidly evolving digital finance sector. As the lawsuit progresses, it will undoubtedly shed light on the intricate dynamics between sports, entertainment, digital currencies, and the law, potentially reshaping the approach to marketing and endorsements in these interconnected domains.