Saturday, April 10, 2021

Billionaire Mark Cuban Reveals Why He Thinks Ethereum (ETH) Will Dwarf Bitcoin (BTC)

Mark Cuban, the billionaire entrepreneur, who owns the Dallas Mavericks basketball team, has revealed why he thinks Ethereum (ETH), the second-largest cryptocurrency by market cap, will overshadow the flagship digital currency, Bitcoin (BTC) in the nearest future. He also revealed he owns a lot more ETH than BTC.

Cuban, who was once skeptical about the sustainability of cryptocurrency, has been praising the emerging decentralized finance (DeFi) ecosystem, which is majorly built on top of the Ethereum blockchain.

Read Also: Ryan Watkins of Messari: Ethereum Would Replace Bitcoin As Go-to Asset after ETH 2.0 Is Rolled Out

In an interview with Laura Shin on Unchained Podcast, Cuban disclosed that he expects the eventual launch of the much-anticipated network upgrade of Ethereum (ETH 2.0) to spark the development of applications that are capable of boosting Ethereum to dwarf Bitcoin’s success.

Mark Cuban noted:

“I think the applications leveraging smart contracts and extensions on ethereum will dwarf bitcoin. Bitcoin, right now, has evolved to be primarily a store value, and it’s very difficult to use it for anything else … You really have to work a lot harder on bitcoin than you do on ethereum.”

Read Also: 400,000 ETH Worth Over $800 Million Left Coinbase. Surge in Institutional Demand for ETH?

Cuban does not expect the official launch of Ethereum 2.0 to play out until at least 2022. He said the launch will boost Ethereum use cases, which will in turn give people the reason to use the cryptocurrency as a store of value.

In the course of the conversation, the billionaire investor pointed out that the current crypto craze for non-fungible tokens (NFTs) is just as a proof of concepts of smart contracts potential.

“With proof-of-stake, you’re going to be able to have, some multiple, a significantly higher multiple, in transactions per second, that’s going to improve the utilization and the opportunities to create on ethereum.

“In a few years, I think ethereum and maybe two or three other blockchains will have their place, and those will be the winners.”

Read Also: Ethereum Whale Just Moved $1.3 Billion in ETH to DeFi in a Single Transaction As Price Stays Above $2,100

In conclusion, Mark Cuban revealed that he owns a lot more Ethereum (ETH) than Bitcoin, but he’s not ready to sell his Bitcoin holdings.

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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