Gerry Palmers Tech 01.17.2022 22:Jan PM EST

Mark Cuban Investments: 'Shark Tank' Star Reveals How Huge Is His Crypto Portfolio

Most of Mark Cuban's investments are not in traditional businesses, but in cryptocurrencies.

Around 80 percent of Cuban's non-"Shark Tank" investments are poured "in or around cryptocurrencies," he said in an interview with "The Problem with Jon Stewart" podcast.

Mark Cuban Crypto Investments Planned for DAOs

In the crypto world, Cuban said he is most interested in investing in decentralized autonomous organizations (DAOs), a collective of users from within blockchains that decide on the token's directions and strategies. Changes in the policies governing these DAOs need to be voted on by its members. To secure these voting rights, investors carry the organization's governance tokens.

According to Cuban, these new businesses are being established to take this new approach, adding that DAOs will lead to "game-changing businesses," CNBC reported.

He particularly forecasted such a change to happen in the banking and insurance industries, thanks to the new technologies introduced by DAOs.

Cuban also said he's bullish on smart contracts, or codes that implement a set of instructions or policies in blockchains that run decentralized applications. Smart contracts are crucial in the formation of DAOs and fueling other crypto initiatives like decentralized finance or DeFi.

DAOs and their governance tokens are seen to be risky investments, as experts cautioned investors to invest only what they can afford to lose given the crypto market's volatility and speculative nature.

Despite this, Cuban maintains a positive outlook on the crypto market, including his persistent belief in smart contracts. He has a wide portfolio in the crypto space, including investments in leading tokens, NFTs and investments in blockchains.

Crypto Space Still Nascent, But Will Create Own Economy in 10 Years, Says Cuban

But Cuban admits that the crypto market is still an emerging industry, likening it a casino where people gamble their fortunes since it is still so new. He said the crypto space right is "like the early days of the Internet" wherein the "exact same thing is happening now." Cuban said it is the "1995 for cryptocurrencies."

Cuban added that cryptocurrencies can pose a lot of problems for investors initially, given that it is "hard to understand" and a "hassle." But the Dallas Mavericks owner said that 10 years from now, those who succeed in the crypto space will "create its own economy."

The "Shark Tank" star has been also particularly bullish on the meme cryptocurrency Dogecoin, which he said will be used as a mainstream currency to make consumer purchases. While he admitted owning just $494 worth of DOGE, Cuban has been so confident of the token's future as a medium of exchange that he is among the first to accept Dogecoin as a payment option for his business.

The Mavs have accepted payments in Dogecoin for merchandise and game tickets. In fact around "95 percent of sales" in Mavs digital payments are in Dogecoin, Cuban said. He also owns a considerable number of other cryptocurrencies, such as Bitcoin and Ethereum.