Billionaire Mark Cuban, owner of the Dallas Maverick basketball team among others, is a crypto enthusiast. He is best known for investing in Bitcoin, Ethereum and being among the supporters of Dogecoin. In an interview with The Daily Beast, he provided some helpful tips for anyone who would like to get into crypto.
Mark Cuban is a crypto advocate. Besides, between crypto and centralized finance, the choice is quickly made! According to him, he opts “for crypto every time”! For all that, investing in crypto must be done in a reasoned way.
During the interview, he thus advised budding investors to spend time getting informed before buying a crypto. Very regularly, a media hype is created around one or more cryptos. Without hindsight, investors could quickly “get lost in it”. According to him, as in any investment, it is crucial to know why you are investing in a crypto.
“Are you investing because of a video you saw on TikTok, on YouTube or on the advice of a friend? These are not good reasons. Part of the fun of investing is doing your homework, finding companies and seeing if it’s something you agree with and believe in. ” Mark Cuban
The cryptocurrency field is regularly compared – and rightly so – to the internet. The early days of the internet saw arduous competition before the big winners emerged in a sustainable way. The same is true for cryptos.
The competition is currently fierce and at this point, no one knows for sure which cryptos are the best equipped. In particular, in the DeFi sector, there are many rival cryptos that enable protocols.
“There is incredible competition. So much in fact that many (cryptos), if not most, will not work. They won’t get enough users or generate enough fees to succeed […] Crypto is a brutally competitive field. “
This observation highlights the need to educate yourself before buying crypto. This allows you to learn about the ambitions of the crypto in question and get an idea of its advantages over the competition.