Mark Cuban: Wall Street doesn’t stand a chance against the digital generation
Entrepreneur and Dallas Mavericks owner Mark Cuban has spoken out about the recent discord between Wall Street and the Reddit community r/Wallstreetbets.
In a blog post on 31 January, Cuban explained that the old-school investment community is currently getting a kicking from what he called the „store of value generation“.
These millennials have developed a greater understanding of the value of Bitcoin Profit digital assets, having grown up in a world where music existed as digital files rather than physical objects.
With blockchain technology, non-fungible tokens and smart contracts, any asset can now be represented digitally and used as a store of value. In doing so, scarcity is verifiable and many of the disadvantages of physical collectibles are eliminated:
„This generation knows that a smart contract and the digital commodity it reflects, or a crypto-asset, is a better investment than investments in the traditional sense.“
A digital store of value
Cuban points out that a stock is also a digital store of value, and that the new generation has simply found and exploited the inefficiencies of the old stock market system.
They have realised that by working together they are reducing the power of Wall Street, and they have exposed the hypocrisy of hedge funds and brokerage firms issuing buy orders to millions of clients. And then they complain when a subreddit does the same:
„Fat and happy Wall Street is slow, stale and entrenched. That makes it an easier target than you’d expect.“
This year, Cuban has outed himself as a bigger crypto supporter than he has previously admitted. Recently, he even minted some limited edition NFTs on Rarible.