Entrepreneur and Dallas Mavericks owner Mark Cuban has weighed in on the recent clash between Wall Street and the r/Wallstreetbets Reddit community.
In a Jan. 31 blog post, Cuban suggested that the old-school investment community is currently taking a kicking from what he describes as the “Store of Value Generation.”
These millennials have developed a greater understanding of the value of digital assets, having been brought up in a world where music was more often shared as a digital file than a physical object.
Blockchain technology, nonfungible tokens and smart contracts now allow any asset which can be represented digitally to act as a store of value, with provable scarcity and without many of the downsides of physical collectibles:
“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 goes on to point out that a stock is just another digital store of value, and that the new generation has simply found and taken advantage of the inefficiencies in the legacy stock market system.
They have realized that by working together they minimize Wall Street’s power, and exposed the hypocrisy of hedge funds and brokerages putting out buy notes to millions of clients while crying foul when a subreddit does the same thing:
“Fat and happy Wall Street has become slow, stale and set in their ways, which makes them an easier than anyone would expect target.”
This year, Cuban has come out as a bigger crypto follower than he has previously let on, even recently minting some limited edition NFTs on Rarible.