Tech billionaire Mark Cuban, a self-confessed Bitcoin skeptic, is planning to invest in another digital currency.
CNBC reports that Cuban is planning to participate in one of the hottest trends in the cryptocurrency world today: the ICO or initial coin offering.
Mark Cuban says:
“I want to learn more about them. I haven’t signed the paperwork yet. But it’s likely it will happen.”
Mark Cuban to participate in ICO
According to the report, Mark Cuban is eyeing to take part in the initial coin offering of the company he already invested in, the eSports gambling startup UniKrn. Unikrn is an eSports online betting site that uses a virtual currency and is scheduled to launch in September 2017 for the sale of tokens based on Ethereum, the rival of Bitcoin.
An initial coin offering is a fundraising process for a Blockchain-based project that allows investors to own part of a project via a digital network token. Start-ups in the Blockchain community often find this method of fundraising more attractive than the venture capitalist funding because of the speed and amount they can raise.
Cuban calls Bitcoin a bubble
Before this latest pronouncement from Mark Cuban, he initially called Bitcoin a bubble.
In a series of tweets last June 6, 2017, Cuban said he thinks Bitcoin is in a bubble and that he doesn’t know when or how much it corrects:
“I think it’s in a bubble. I just don’t know when or how much it corrects. When everyone is bragging about how easy they are making $=bubble.”
That tweet from Cuban was in response to Demetrick Ferguson’s tweet asking him if he would be willing to spare 15 minutes of his time to come to The BTC Podcast and discuss a little bit about Bitcoin and cryptocurrency.
But even though Cuban said Bitcoin is in a bubble he too acknowledged its value in succeeding tweets last June 7, 2017. He thinks the Blockchain is very valuable and will be at the core of most transactions in the future – healthcare, finance, etc. – all will use it.
Cuban also adds:
“I’m not questioning value, I’m questioning valuation.”