In a recent 10 tweet thread, American billionaire entrepreneur and investor Mark Cuban weighed in on the present situation and the way forward for blockchain technology and funding. He concluded that current prices are more about the potential of crypto projects, but it is gradually moving in the direction of reflecting the actual demand & number of users. Mark believes that the day will finally arrive when crypto is “mature to the point we wondered how we ever lived without.”
In his post on May 15, Cuban tweeted, “Crypto and each implementation is evolving in real-time from “what is the potential utility” to “What is the current utility and how many users does it have”. Tokens/Coin prices are now less a bet on the future and more a reflection of real demand.”
Cuban wrote, “Having more TPS and lower gas fees is not enough.” Additionally, he noted saying that some of the crypto platforms he talks to, become confused when he asks about their products, sales, profits, among other metrics, which Mark says are crucial for success in an ultra-competitive field.
He also speaks about marketing woes, decentralized growth, and governance about key mechanics. In addition to this, he argues that very little is being done “to emphasize the impact governance can have on platforms and their products/services”.
However, ultimately he thinks that governance participation will become a standard over time. “I think over time, governance will be expected of all users and most will contribute by at least voting. But today, it is little understood and that’s is stunting some platforms growth.”- Cuban wrote.
A Big Time Proponent of Cryptocurrencies
Mark Cuban, the American billionaire entrepreneur, television personality, and investor, likes Bitcoin and has about 60% of his crypto in Bitcoin, 30% in Ethereum, and 10% in other coins. He says that when it comes to Bitcoin being a digital currency, “It’s not going to work.” He believes that BTC is a store of value and not a currency and is a good substitute than the yellow metal – gold. Cuban argues that the price of Bitcoin is going up because of its algorithmic scarcity.
Cuban is also a keen investor in Ethereum, the second-largest cryptocurrency after Bitcoin, mainly because of the smart contracts that run on it. He thinks that smart contracts have changed the game in the crypto world as it has created DeFi (Decentralized finance) and NFTs (Non-fungible tokens). Cuban perceives that Ethereum will be more adaptable over time as more developers can iterate and improve its capabilities. He also expects upcoming upgrades to Ethereum in the coming days will give people an added reason to use Ethereum as a store value over Bitcoin.
Recently Cuban made a small investment in Dogecoin for his 11-year-old son, Jake. He alleged that the investment was intended to be fun and learning for his son and help Cuban be more educative about the crypto space.
Ultimately, Cuban is more bullish about cryptocurrencies as seen in his recent tweet, where he notably reiterated his support for Bitcoin, Ethereum, and Doge as payment options. He also says that cryptocurrencies will benefit the society and environment, disapproving remarks made by fellow billionaire Elon Musk that lead to the crash of crypto markets.
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