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Mark Cuban recently reported that Bitcoin is a better alternative to gold, contrasting Ethereum’s smart contracts to the late 1990s internet bubble.
Billionaire Mark Cuban believes Ethereum is the nearest thing to a real currency and finds Bitcoin to be a safer substitute to gold.
The Shark Tank and Dallas Mavericks co-owner made the remarks while speaking as a guest on a recent episode of the Delphi Podcast, where he mentioned that the development of DeFi and NFTs had gotten him excited about crypto. He clarified that “smart contracts and the fact that they’re autonomous” suggest that “no one is in power right there, the governing is totally different.” That’s what sent the game into disarray.”
In reality, he related the evolution of Ethereum’s smart contracts to the late 1990s and early 2000s internet boom:
“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.”
Despite Cuban’s enthusiasm for Ethereum, he disclosed that his portfolio is split evenly between Bitcoin and Ethereum, with “60 percent Bitcoin, 30 percent Ethereum, and 10 percent the rest.”
The Mavericks owner does not equate Bitcoin to the internet bubble because he uses it mainly as a store of value. He thinks Bitcoin is a better investment than 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.”
In September 2019, the billionaire said, “I’d rather have bananas than Bitcoin.” He has since changed his tune. However, he may have been more interested than his tweets indicate, as he tweeted in early January of this year, “I still have crypto from the early days of Coinbase.” I’ve never made a sale.”
Except the gas is always an issue. Just the cost of moving crypto to AAVE is crazy expensive and the number of non crypto options will increase
— Mark Cuban (@mcuban) January 12, 2021
Although Cuban did not indicate what “the rest” of his portfolio consists of, a part could be Doge after the Shark Tank investor expected a situation in which Doge would exceed $1.