Each week, hard-working entrepreneurs appear on the show to introduce their ideas and inventions to a panel of wealthy business owners and investors (the “sharks”), hoping to receive funding for their projects.
It’s the American Dream in action. All you need is a strong work ethic and a million-dollar idea (with a substantial financial investment), and you’ll be able to run your own business. Be your own boss!
It’s why the show is so wildly popular.
The home audience hangs on the sharks’ every word, anticipating the financial and business advice they’re going to hand out. After all, these sharks must know something we don’t.
Well, they may.
Cryptocurrency has caught their attention, and some sharks are diving in.
Blood in the Crypto Waters?
Mark Cuban, one of the most famous sharks on the show, is a billionaire. He owns the Dallas Mavericks NBA team, and he made a fortune in 1999 when he sold Broadcast.com, a company he helped found.
Cuban has since allocated eighty percent of his investments into cryptocurrency. This is a neon sign to regular fiat investors, one signaling that they may want to take a closer look at investing in crypto. It hasn’t all been rosy for Cuban, though; one investment lost him $200,000 after whales cashed out.
“I should’ve done my homework,” he said in response.
He’s not the only shark taking a closer look at crypto.
Kevin O’Leary, another of the more recognizable figures on Shark Tank thanks to his nickname “Mr. Wonderful,” recently did a one-eighty regarding his stance on cryptocurrency. O’Leary says he has invested in Ethereum, Solana, and Avalanche.
Decades ago, Kevin O’Leary started a software company from his basement in Canada. As sales took off, he moved the company to Cambridge, Massachusetts. He proceeded to buy out almost every competitor. In 1999, he sold his company to the Mattel Toy Company for 3.7 billion dollars. He then went on to start a new venture: O’Leary Funds, a mutual fund company.
O’Leary, a long-time critic of Bitcoin, formerly said that cryptocurrency was “garbage.” He clearly no longer thinks this way and claims that twenty percent of his portfolio is invested in cryptocurrency. His crypto investments have surpassed his assets in gold.
“If we make it regulated, if we get institutions into it and find a way for them to be compliant, there’s trillions of dollars going to come into this space because it has a pragmatic use,” said O’Leary.
Savvy Investors or Ravenous Sharks?
These two sharks invest in new businesses for a living. They did it before the widely successful show Shark Tank, and they continue to do it every day. It’s in their blood.
At a molecular level, these two businessmen can see what makes businesses work and what doesn’t. They now recognize that cryptocurrency and blockchain technology is the future. While crypto is still incredibly risky, these sharks have diversified their portfolios with crypto, purchased NFTs, and shown that they plan to engage with the industry over the long haul.
Should we listen to them?
As Cuban said, do your homework. The industry is vast, but these two billionaires didn’t get here by accident.
Something tells me that more sharks will be diving into the crypto waters soon. You better learn how to swim fast.