Long time crypto scenic Mark Cuban thinks old school wall street investors stand no chance against new age investors. According to the Dallas Mavericks owner, millennial investors have a greater understanding of store of value investments and older investors just can’t catch up.
The Dallas Mavericks owner was commenting about the recent spat between Wall Street and the Wallstreetbets Reddit Community. Cuban described them as the “store of value generation” when talking about the millennials that were pushing back against traditional Wall Street norms. He explained that this generation was brought up when music was more often being shared as a digital file and not a physical object.
Physical assets can now be represented digitally
Cuban was alluding to the fact that technologies like Blockchain, smart contracts and non-fungible tokens now allow any asset that can be represented digitally to act as a store of value with provable scarcity and without many of the challenges of physical collectibles. Cuban added; “This 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.”
Cuban went on to compare traditional assets with digital assets. He mentioned that a stock was just another digital store of value that the new generation. The difference is that the “store of value generation” has found a way to improve on the inefficiencies in the legacy stock market.
Minimizing Wall Street’s power
Cuban went on to say that the new generation has figured out that they can minimize Wall Street’s power and expose the hypocrisy of hedge funds and brokerages putting out buy notes to millions of clients but cry foul when a subreddit does it. He summed it up by saying; “Fat and happy Wall Street has become slow, stale and set in their ways, which makes them an easier than anyone would expect target.”
Mark Cuban looks like he is slowly buying into crypto despite being known as a cynic. Few would have expected such statements to come from him after he had described crypto as a “religion” rather than a solution just a few weeks ago.
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