Cuban recent remarks equate the rise of crypto and blockchain to the early days of the Internet, citing smart contract adoption as a key development to watch for in the near future.
“I believe there will be a point where sovereign governments use fiat in digital currencies”, he says, in the latest episode of the Defiant podcast, arguing that it is a more economically viable option to follow in the future.
However, it does not seem that Cuba is behind the narrative of hardcore bitcoin maximalists who argue for the case of bitcoin as an alternative store of value when sovereign currencies fall. “The reality is that reserve currencies tend to stick around,” says Cuban, who adds that while some nations have used bitcoin here and there, it’s still pegged to the dollar at the end of the day.
According to him, it is too early to claim that Bitcoin serves as an alternative or a fiat hedge, but he sees the use of cases for certain other cryptocurrencies as having the benefit of Bitcoin in this regard.
Commenting on the newfound capacity of users to conduct complex financial transactions within seconds on DeFi sites, Cuba says this has the potential to seriously disrupt financial institutions. He said, ”
“I can see, just as I saw with the early days of the internet, how all this is going to just go nuts. Its going to have a significant impact and its going to change the game”
He also said that he had ‘wallets everywhere’ and that he had invested quite a bit in DeFi space. As much of this progress is occuring on the Ethereum blockchain, Cuba claims that ETH is becoming a better store of value than BTC.
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