Mark Cuban Bitcoin Skeptic No More

Mark Cuban, the billionaire investor who a few weeks back said bitcoin was in a bubble, is getting used to the new world of cryptocurrency.

According to a news report in CNBC, Cuban is backing a venture capital fund focused on cryptocurrency investments. The fund, called 1confirmation, was started by Nick Tomaino, former business development manager at Coinbase, reported CNBC.

The fund is aiming to land $20 million, CNBC noted, citing a filing with the Securities and Exchange Commission (SEC). “It’s an interesting space that I [want] to get involved with and learn more” about, Mark Cuban said in an email to CNBC Tuesday (Aug.22). Cuban would not say how much he is investing in Nick Tomaino’s 1confirmation VC fund.

The stance on the part of the investor has changed a lot since his tweet in June, when he said bitcoin was in a bubble. On Aug. 14, the outspoken Dallas Mavericks owner said he may purchase some bitcoin. He did note in another tweet on the same day that: “bias should be up because of finite supply. Until crypto or US politics intrude, and they will.”

The price of bitcoin has quadrupled so far in 2017, reaching a record $4,522.13  last week. It now has a market capitalization of about $74 billion, reported CNBC, citing CoinDesk. Meanwhile, initial coin offerings (ICO) have amassed $1.37 billion in 2017.

Cryptocurrencies are experiencing a bit of an identity crisis right now. While there are many parties involved that are deeply invested, others are skeptical about its true value. In this year alone, we’ve seen bitcoin valued at just under $1,000 in January to over $3,000 in May and soaring over $4,000 in August. One of the major factors impacting the most recent leap in bitcoin value is the recent hard fork to develop a new cryptocurrency, dubbed Bitcoin Cash.