Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
The entrepreneur says that old-school investors are getting their āass kickedā by the āStore of Value Generation.ā
Entrepreneur and Dallas Mavericks owner Mark Cuban has weighed in on the recent clash between Wall Street and the r/Wallstreetbets Reddit community.
In a Jan. 31 blog post, Cuban suggested that the old-school investment community is currently taking a kicking from what he describes as the āStore of Value Generation.ā
These millennials have developed a greater understanding of the value of digital assets, having been brought up in a world where music was more often shared as a digital file than a physical object.
Blockchain technology, nonfungible tokens and smart contracts now allow any asset which can be represented digitally to act as a store of value, with provable scarcity and without many of the downsides of physical collectibles:
āThis generation knows that a smart contract and the digital good it reflects or a CryptoAsset are a better investment than old school see, touch or feel uses.ā
Cuban goes on to point out that a stock is just another digital store of value, and that the new generation has simply found and taken advantage of the inefficiencies in the legacy stock market system.
They have realized that by working together they minimize Wall Streetās power, and exposed the hypocrisy of hedge funds and brokerages putting out buy notes to millions of clients while crying foul when a subreddit does the same thing:
āFat and happy Wall Street has become slow, stale and set in their ways, which makes them an easier than anyone would expect target.ā
This year, Cuban has come out as a bigger crypto follower than he has previously let on, even recently minting some limited edition NFTs on Rarible.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.