“I hedged the heck out of my portfolio,” Cuban said on “Squawk Box.” He said near-zero interest rates from the Federal Reserve have helped lead to “speculation” across various areas, “whether it’s cryptocurrency, whether it’s trading cards, whether it’s non-fungible tokens.”

“When you have such low interest rates, you’re going to get appreciable assets inflating,” said Cuban.

“It creates a lot of concern because when interest rates, if and when they go up, and who knows whether it’s years or decades when we’ll see 4%, 5% interest rate again, then people will have different decision criteria.”

Cuban sold Broadcast.com to Yahoo in April 1999 for $5.7 billion during the dot com bubble said he was hesitant to describe the current situation in financial markets as “a bubble because it’s reality given the interest rates.”

“But there will be a deflation of some sort in those appreciable assets and it’s going to be scary when that happens,” said Cuban.

When asked about the Reddit WallStreetBets crowd, he said he likes what the retail investors are doing enmasse online and sees it as a great equalizer on Wall Street.