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Mark Cuban owns 30% ETH because it’s ‘closest to a true currency’

  • Posted On - 2021-04-02 06:07:43

Mark Cuban currently said that Bitcoin is a good alternative to gold, and compared Ethereum's smart contracts to the internet boom of the late 1990s.

American entrepreneur and billionaire Cuban trusts Ethereum is the closest thing we have to being a real currency and views Bitcoin as a good alternative to gold.

Dallas Mavericks and The Shark Tank co-owner said as a guest on a recent episode of the Delphi Podcast, where Cuban said that the growth of NFTs and Defi had made him delighted about digital currency. He described that “smart contracts and the fact that they're decentralized" means "there's no one in charge right there, the governance is completely different. That's what changed the game.”

In fact he compared the expansion of Ethereum's smart contracts to the internet boom in the late ’90s and early 2000s:

“When the Internet started to happen, you started seeing all these applications that could disrupt things that happened in the analog world, like when we looked at streaming because I wanted to listen to Indiana University basketball, I couldn't do it on the radio in Dallas.”

In spite of Mark’s bullishness on Ethereum, he disclosed his crypto collection  has doubled the amount of Bitcoin to Ethereum with “60 percent Bitcoin, 30 percent Ethereum and 10 percent the rest.”

Mark Cuban doesn’t draw comparisons with Bitcoin to the internet boom, as he views it primarily as a store of value. He believes Bitcoin is a good investment alternative to gold:

“With Bitcoin, you could do transfers. And that was great. Right. And it was a store value and that was awesome. It's a better alternative to gold, which is phenomenal. It's taking money away from gold and it's going to continue. And that's why I own Bitcoin, but that's one thing, that's not really where it compares to the Internet.”

The Mavs owner who said  I’d rather have bananas'' than Bitcoin in September 2019, has totally changed his tune since then. However, Cuban may have been more involved than those comments indicate, after he tweeted in early January this year that: “I still have crypto from the early days of Coinbase. I’ve never sold anything.”

While Mark didn’t disclose what “the rest” of his portfolio was, a portion might be Doge after the Shark Tank investor forecast a scenario where Doge hits $1.