Shark Tank star billionaire name Mark Cuban shared his new comments on the cryptocurrency space. Cuban talked about Ethereum, which has been very popular lately in anticipation of Merge. Cuban has very positive thoughts about the leading altcoin. Here are the details…
Mark Cuban ‘super bullish’ for leading altcoin
“Shark Tank” star Mark Cuban recently told Fortune that he was “super bullish” on Ethereum, the second-largest cryptocurrency by market capitalization. Expected less than a month from now, the merge upgrade will significantly reduce Ethereum’s energy consumption by 1,000 times. Cuban sees this as a “significant” factor that could strengthen Ethereum’s bullish status.
Still, the billionaire refrained from making any concrete price predictions as he did not know how the cryptocurrency’s price would react to the Merge boost in the short term. Cuban believes there will be enough applications to drive adoption of the second largest network. Last November, he underlined his preference for the Bitcoin rival. He went so far as to describe himself as an “Ethereum maximalist.” Cuban believes that Ethereum is superior because of its utility. According to data provided by DefiLlama, Ethereum still accounts for 58 percent of the total value (TVL) locked in the cryptocurrency industry.
The Dallas Mavericks owner, who previously claimed that “bananas have more benefits than Bitcoin,” has since warmed up to the biggest cryptocurrency. He now sees Bitcoin as a store of value in direct competition with gold. At the same time, Cuban remains highly skeptical of Cardano, one of Ethereum’s top competitors. He recently stated that Dogecoin is more useful than Cardano even though it has been more than a year since the launch of smart contracts.
Cuban drew attention to the importance of smart contracts
While previously discussing his affinity for Ethereum, Cuban has repeatedly mentioned the network’s applications and use cases as the driving force behind its support. He mainly talked about his interest in smart contracts, which are collections of code that execute a set of instructions on a Blockchain. “The thing that really changed everything was smart contracts,” he said in March 2021. Cuban used the following statements:
Smart contracts emerged and this created DeFi [decentralized finance] and NFTs. That’s what changed the game. That’s what got me excited. That’s why it’s very similar to the internet.
Cuban owns Ethereum as well as other cryptocurrencies like Bitcoin and meme-inspired Dogecoin. Its portfolio also consists of several NFTs and investments in Blockchain projects, most of which are related to improving Ethereum.
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