Dallas Mavericks entrepreneur and owner Mark Cuban has weighed in on the recent clash between Wall Street and the r / Wallstreetbets Reddit community.
In a blog from January 31st post, Cuban suggested that the old-fashioned investment community is currently taking a kick out of what he describes as the “Store of Value Generation.”
These millennials have gained a deeper understanding of the value of digital assets, as they grew up in a world where music was more often shared as a digital file than a physical object.
Blockchain technology, intangible tokens and smart contracts now allow any asset that can be digitally displayed to act as a store of value, with demonstrable scarcity and without many of the drawbacks of physical collectibles:
“This generation knows that a smart contract and the digital good that reflects whether a CryptoAsset is a better investment than old school see, touch or feel applications.”
Cuban then points out that a stock is just another digital store of value and that the new generation has simply discovered and taken advantage of the inefficiencies in the old exchange system.
They have realized that by working together they are minimizing Wall Street’s power and exposing the hypocrisy of hedge funds and brokers who issue bill of sale to millions of customers while crying when a subreddit does the same:
“Fat and Happy Wall Street has become sluggish, musty and rusted, making them easier targets than anyone would expect.”
This year, Cuban has come out as one bigger crypto follower than he has previously shown, even recently hit some limited NFTs on Rarible.