Previous bitcoin detractor Mark Cuban is showing signs of a 180 degree u-turn in regard to the digital currency world. The young billionaire is investing a venture capital fund for cryptocurrency-related investments named 1confirmation. The venture from Nick Tomaino, previous business development manager at Coinbase aims for the fund to raise over $20 million.
“It’s an interesting space that I [want] to get involved with and learn more”, an enthusiastic Cuban stated recently in an email to press.
Cuban’s overall approach to digital currencies has changed in recent months. He tweeted in mid August that he, “might have to finally buy some” bitcoin, which is a change in position from hints in June that he felt it was a bubble.
“Bias should be up because of finite supply. Until crypto or US politics intrude, and they will,” he also said in a later tweet
Cuban stated in late June that he planned to participate in an ICO by the online e-sports betting site, Unikrn. Earlier that same month, tweets from Cuban that he didn’t have a clear gauge on when or how much the price of bitcoin would correct itself following large surges this year. He did acknowledge that the blockchain technology behind bitcoin had recognisable value and that it “will be at the core of most transactions in the future. Healthcare, finance etc all will use it.”
Bitcoin’s recent surge and a rush of funds into ICO’s has attracted more investment attention than just Cuban with many large investors and fund managers showing interest. Wall Street has been described as “Bitcoin Crazy” at this current time.
Bitcoin has more than quadrupled in trading value this year alone and hit a massive record high last Thursday of over$4,500.00. ICO’s , which are fundraising events used by cryptocurrency-related start-ups, have taken in over $1.3 billion this year already.