Mark Cuban Compares the Ongoing Blockchain & DeFi Development to the “Early Days of the Internet”
Blockchain and digital goods, according to the Dallas Maverick owner, the “Money 2.0,” are the future.
Shark Tank’s Mark Cuban’s enthusiasm about the cryptocurrency market, especially the decentralized finance (DeFi) sector, continues to grow, which he eagerly shares with the world.
In an interview with the Defiant podcast, the billionaire owner of the Dallas Maverick shared that he is a DeFi and Ethereum bull and that “ETH has an advantage over BTC as a store of value.”
While his general stance isn’t changed and Bitcoin can’t be used as a currency, he believes the digital currency can become powerful enough to be a store of value.
But smart contracts is what has him more excited as it allows developers to lay the foundation for “friction-free banking.” Ethereum is the blockchain where this is all happening, and that makes ETH far more of a store of value than BTC, as per Cuban. This is why he is buying more ETH on pullbacks and not Bitcoin.
This makes sense given that Ether is outperforming Bitcoin in 2020 with 150% gains YTD compared to Bitcoin 62%. Eth also outperformed Bitcoin last year and during the 2017 bull run.
In a separate interview with Real Vision founder and CEO, Raoul Pal, Cuban talked about blockchain technology, which, if you don’t understand, “is going to smack you down and make you bleed,” he said.
“What we’re seeing right now with this communal effort, and the foundation of blockchain-type applications that people stuck at home can use to try to make money … just changed the game 180 degrees.”
To him, the development going on in the space reminds him of the “early days of the internet,” which is brand new, and “no one really knows what it’s going to be.”
That’s why the high fees on Ethereum and DeFi make sense as the billionaire points out how it was about two decades into the internet that bandwidth became available and cheap enough to make streaming possible, and “we’re only 10, 12 years into crypto after starting with bitcoin,” he said.
According to him, the evolution of blockchain and digital goods is the future, which, as we have seen Cuban himself partake in by selling several NFTs. He said,
“Now this is America 2.0. This is money 2.0. And I don’t mean currency money, I mean being able to earn money via digital has all changed. The only thing we don’t know is who are the Amazons and who are the Pets.coms.”