The American billionaire entrepreneur and television personality, Mark Cuban, has waged a bet with Creative Planningâ€™s founder Peter Mallouk over the performance of cryptocurrencies versus the S&P 500. Cuban said on Twitter that the two should put $1 million into a stablecoin-based smart contract, in order to place a bet over the return performance of either ethereum or bitcoin in ten years against the Standard and Poorâ€™s 500 index.
Mark Cuban Backs His Statements With a $1 Million Bet With Peter Mallouk
One of the investors on the ABC reality television series Shark Tank, Mark Cuban has been talking about cryptocurrencies a lot lately, and recently the billionaire told Ellen Degeneres about the potential of dogecoin (DOGE). Being the owner of the National Basketball Associationâ€™s (NBA) Dallas Mavericks, Cuban now has the Mavs accepting digital currencies for goods and services.
â€œSo many people are going to lose so much money listening to this. Straight out of Dumb and Dumber,â€ Mallouk stressed in his tweet. â€œIf you buy a hundred stocks, odds are most go up. If you buy a hundred cryptocurrencies, most will go to zero. Big difference,â€ the Creative Planning founder added.
Cuban then replied to Malloukâ€™s tweet saying:
â€˜Only a Fool Would Invest in 100 Stocksâ€™
From this point on, the Twitter conversation started turning into a friendly wager. â€œHow about this,â€ Cuban wrote to Mallouk.
â€œWe set up an ETH smart contract. You put in $1m in a stablecoin. I put up $1m in a stablecoin. We write the contract to pay you if the increase in the S&P 500 is higher at the end date than the increase in YOUR choice of BTC or ETH. You can pick the custodian,â€ Cuban further remarked.
The conversation seemed to have invoked a bet and Mallouk seemed interested in participating.
â€œThe probability of a diversified portfolio beating someone picking a handful of stocks is very high,â€ Mallouk said, trying to convince Cuban. â€œOnly a fool would bet on a few stocks. Over the next 10 years, Iâ€™ll take the SP 500 return against any group of stocks you want to pick and feel very good about it. Iâ€™m in on putting our money behind the debate. Mark Cuban you can choose the amount and proceeds go to charity of choice of the winner. Iâ€™ll take the SP500. You can pick and trade any stocks any time,â€ Mallouk emphasized.
After Cuban tweeted about leveraging a stablecoin-based smart contract held by a custodian, Mallouk again said he was interested. â€œThis is interesting. This started with you promoting Doge. Iâ€™ll take the S&P 500 and you can take Doge. Loser of 10-year return donates $1m to winners charity. But, if you arenâ€™t confident Doge will prevail,â€ Mallouk said.
â€œThen we can move onto the next thing we disagreed on,â€ the Creative Planning founder added. â€œYou mentioned â€˜only a foolâ€™ would invest in 100 stocks. Iâ€™ll take a 100 stock index or 100 stocks and you can pick whatever stocks you want. I feel pretty good about this too based on your market calls.â€
What do you think about Mark Cubanâ€™s wager with Creative Planningâ€™s founder Peter Mallouk? Do you think this bet will transpire? Let us know what you think about this subject in the comments section below.
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