WikiStock

Global Securities Firms Regulatory Inquiry App

English
Download
Home-News-

If You Invested $1,000 In Ethereum When Mark Cuban Called It Closest We Have To A 'True Currency,' Here's

iconBenzinga

2024-07-18 15:45

If You Invested $1,000 In Ethereum When Mark Cuban Called It Closest We Have To A 'True Currency,' Here's

  Billionaire entrepreneur Mark Cuban has been a long-term investor in cryptocurrencies, allocating space to heavyweights like Ethereum ETH/USD in his portfolio.

  What Happened: In a podcast hosted by Delphi Digitalin March 2021, Cuban heaped praise on the world's second-largest cryptocurrency.

  He notably mentioned its versatility and technological advancement, features which eventually drew him into the asset. “I wish I had bought it sooner, but I started buying it four years ago, simply because I think it's the closest we have to a true currency,” Cuban stated.

  When Cuban made these bullish remarks, one Ether was valued at $1,716. So, if you invested $1,000 then, it would have fetched you 0.58 Ether.

  That seems a long time ago. The cryptocurrency ballooned to its all-time high of $4,878 later in 2021, faced a painful winter in 2022, and made a spirited recovery in 2023-24.

  As of this writing, one Ether is priced at $3,449.26. Therefore, 0.58 ETH will be worth $2,000 today, nearly doubling in value.

  Why It Matters:Ether has been on a strong recovery path this year, jumping 51% year-to-date. Its YTD gains have mirrored that of the apex cryptocurrency Bitcoin BTC/USD.

  A big part of the boost has come from the approval of exchange-traded funds that will track the price of the asset in real-time. The ETFs are likely to begin trading by next week, giving mainstream investors a convenient way to get exposure to the cryptocurrency.

  Note that as of today, Mark Cuban just holds 0.026 Ether, worth $88.11 in his portfolio, according to data from Arkham Intelligence.

Disclaimer:The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.