One of the industry’s most voiced crypto advocates, Mark Cuban, explained why Ethereum is similar to a true currency, while Bitcoin is a suitable alternative to gold. The industry has been comparing Bitcoin to the yellow metal for some years now, and Cuban’s belief might have confirmed the widespread adoption of Bitcoin as the metal’s alternative. The billionaire, who co-owns Shark Tanks and Dallas Maverick, revealed his opinion in Delphi Podcast’s interview.
Some months back, the entrepreneur had helped the basketball team’s fans purchase sports merchandise on the platform with Bitcoin due to the crypto’s growing demand in the digital asset industry. The businessman revealed how he is excited about cryptos due to some of the sectors’ growth, such as DeFi and NFTs.
Cuban explains why he likes cryptos
He explained some unique aspects of cryptocurrencies, such as smart contracts and their decentralized nature. He added that this means that no one is in charge and that the governance is different from the traditional platforms. Aside from his excitement about DeFI and NFTs, he believes that the Ethereum network is similar to the internet’s boom in early 2000.
Cuban explained that when the internet came, many things began to happen in the analog world. His love for Ethereum did not change the fact that he has more Bitcoin. The billionaire’s digital asset holding is around 60% Bitcoin, 30% Ethereum, and 10% of other assets.
Cuban believes that Bitcoin is a value store, which is similar to Bitcoin’s characteristics. The business owner believes that Bitcoin is a suitable alternative to the yellow metal as they are both used to hedge against inflation. Cuban explained that with Bitcoin, people can make transfers and can store value.
He added that Bitcoin is taking a huge share from the gold market as new investors leave gold to get Bitcoin exposure. The entrepreneur revealed that its value store feature is why he owns Bitcoin , but that cannot be compared to the internet. Since he compared Ethereum to the internet, the billionaire means that Ethereum might have more potentials than Bitcoin.
Coinbase’s influence in the crypto space
Cuban has a controversial relationship with Bitcoin some years ago, where he was seen criticizing the digital asset for its lack of value. He even said he preferred to have bananas compared to Bitcoin some time ago, and that shows how he has changed his opinion since then.
The businessman had gradually changed his opinion about Bitcoin and had revealed that he still has some cryptos he purchased during Coinbase’s early days. Coinbase is one of America’s prominent exchanges, making it more known to the US crowd. The business could easily be called one of the biggest crypto influencers within the region.
Interestingly, the businessman did not reveal what the 10% of his portfolio holds. Still, many people believe that he has Dogecoin as part of his portfolio as the coin currently makes a wave. The digital asset industry continues to record new gains as the market goes bullish while attracting more investors.
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