Mark Cuban Claims The Blockchain Is The New Internet

Mark Cuban claims that the blockchain is the new internet and that ETH has a bigger advantage over BTC for regular use so let’s read more in our latest blockchain news.

The billionaire Mark Cuban claims that the blockchain is the new internet while being a huge fan of DeFi and smart contracts. He doesn’t believe that crypto will ever be accepted as currencies though. In a podcast, the Shark Tank star and Dallas Mavericks owner sat down with the Defiant to comment why he is bullish on crypto and DeFi and why he remains skeptical about BTC as a currency. He remained adamant that BTC is not a currency as much as it is a store of value:

 “To this day, I’m not a believer that Bitcoin will become a currency. What’s really changed was that people started recognizing that it’s only a store of value.”

Cuban predicted and revealed optimism about the blockchain future and said that governments across the world could create their own digital coins because it is much cheaper:

“We lose money on every penny and nickel minted. There’s just so much cost and stupidity associated with how we’ve always done things.”

 

He called fiat money “untenable and unsustainable” before saying that he is not really sure if we will see everything collapse. However, he did predict that as governments get more into digital currencies, he will sell off a percentage of his gold reserves and will put something into ETH and BTC:

 “A lot of this is trust: What do you trust? Who do you trust? How do you trust it? Bitcoiners, rightfully so, trust algorithmic scarcity. And that’s okay. But there’s a lot of underpinning trust that goes in there as well. You’ve got to trust electricity rates, availability, that nobody can get to 51%.”

Cuban returned to an analogy comparing blockchain’s rise to one of the internets in that there were initial and early adopter applications before the entire thing became ubiquitous. Cuban thinks that smart contracts are extremely important since crypto blew up and it became a major threat to the banking system which is why he believes ETH has an advantage over BTC for regular people. His love for Defi goes hand in hand with his love for ETH because DeFi services have built an entire infrastructure on top of the blockchain by using smart contracts.