Interest in altcoins, or alternative digital coins, like dogecoin, surged this year. And among the investors at the forefront is billionaire Mark Cuban, who has built a portfolio of different digital coins and blockchain companies.
His cryptocurrency holdings consist of 60% bitcoin, 30% ether and 10% other altcoins, he disclosed in April. His altcoin holdings include dogecoin, which he bought with his 11-year-old son Jake earlier this year, and litecoin, which he disclosed during a Reddit “Ask Me Anything” in February. He also owns DeFi, or decentralized finance, coins like sushi and aave.
Although Cuban has chosen to invest in altcoins himself, he has a key piece of advice for those considering doing the same. “It’s like investing in anything else. Do your own research,” Cuban, an investor on ABC’s “Shark Tank” and owner of the Dallas Mavericks, tells CNBC Make It. “Altcoins are no different than stocks, bonds, private companies.”
As with any investment, don’t blindly copy what someone like Cuban is doing. And keep in mind that investing in cryptocurrencies, and particularly in altcoins, can be much more risky than stocks or bonds. Cryptocurrency is widely considered a highly volatile, speculative investment overall.
At first, some in the crypto world