278 Interactions, 8 today
In a recent interview, Cuban cited Ethereum Improvement Proposal (EIP) 1559 and ETH 2.0 as arguments for investors to choose Ether over Bitcoin right now.
“With 1559 everything changes and what happens going forward is really going to impact how people perceive it specifically as a store of value,” he noted.
As part of the London hard fork, EIP 1559 is set to go live in July. It will replace the auction model with a floating standard rate structure that adjusts in response to network congestion in Ethereum’s transaction fee scheme.
Cuban also discussed Defi and its existence over the years. This home for digital currency, global transfers, and apps gave birth to some of the most prominent Defi ventures of the ICO period. From this point on, it was evident that the public was warming to Defi. Mark Cuban likened Defi’s rise to the early days of the Internet:
“You’re starting to see NFT (non-fungible tokens), and it’s not so much about just about how much is sold, market value, but more just that people are becoming more comfortable with it and so we’re starting to see these applications that are just popping up left and right. It reminded me so much of the early days of the internet where, in the mid-90s, people started talking about internet applications but the internet had been around for ten years.”
Cuban has long believed in DeFi’s strength and ability, particularly in light of Ethereum’s recent all-time high token prices and so-called “Ethereum killer” protocols such as Polkadot and Solana.
He expressed a similar sense of hope about the transition to CBDCs and their widespread future acceptance around the world. He said, ”
“It really, and one of the points I’ve been making is, we lose money on every penny, nickel, dime, and quarter that we manufacture. That turns out to be hundreds of millions of dollars per year. And you could spend, you’d have to invest a little bit more upfront, but by transitioning to a CBDC, there are so many things we can do that would make life better for our citizens.”
Jumping on to the NFTs next, the renowned investor spoke about his NFT investment strategy. He said, “in terms of what NFTs I buy, I buy the things that I like to look at.” He recently invested in the NFT marketplace Mintable.
In addition, he bought and sold NFTs, including a Maxi Kleber dunk “moment,” which is a video clip collectible made by the NFT platform NBA Top Shot. Mark Cuban sees a lot of promise in the future of NFTs or nonfungible tokens. In fact, Cuban is now looking for ways to use the technology to bring in more money for his NBA team, the Dallas Mavericks. Speaking to DealBook, Cuban revealed that he decided to accept payments in DOGE “because we can.” Stating that sometimes in business “you have to do things that are fun” he added:
“We have chosen to do so because sometimes in business you have to do things that are fun, engaging, and hopefully generate a lot of PR. So we will take Dogecoin, today, tomorrow, and possibly forevermore.”