Why is this bitcoin billionaire accumulating so many ethers (ETH)?

Ethereum, the ideal monetary candidate – For Mark Cuban, it is neither cryptography nor Bitcoin, nor even the blockchain that will revolutionize our lives, but smart contracts. During his visit to “The Delphi Podcast”, the successful investor made a comparison between the emergence of smart contracts and that of the internet.

Ethereum: the most similar to a currency

Mark Cuban has long been seen as a Bitcoin detractor . He had said in September 2019 that he preferred to use bananas rather than bitcoins as currency. However, it in no way denies its usefulness as a store of value . The billionaire even considers it much more efficient than gold in this role. But anyway, in his eyes, the technical characteristics of Bitcoin do not allow it to fulfill the office of a currency.

If he asserts that ether (ETH) is the closest digital asset to a currency , it is because he considers that a currency must retain some form of flexibility , allowing it to adapt. in a changing environment. To support this thesis, Cuban relies on the upcoming implementation of EIP-1559 , which should improve the scalability of the Ethereum network, where Bitcoin is still extremely rigid .

Still according to Cuban, if we put the history of digital assets and that of the Internet into perspective, we are only at the proof of concept stage. In fact, there are a tiny number of projects that present real consumer use cases . As in the early days of the internet, it was necessary to perform multiple operations across multiple platforms and applications before achieving the desired result . The typical example is DeFi , which has enormous potential , but which is particularly difficult to access for the general public.

However, the owner of the Dallas Mavericks is firmly convinced that the situation will improve over time . With the advent of the internet, the price of bandwidth gradually fell, which allowed new use cases, including the arrival of high definition video. But these developments did not happen overnight. It took ten years or so before the internet became a truly mainstream tool.

Despite his love for Ethereum, Mark Cuban only has 30% ethers in his wallet, which additionally contains 60% bitcoin and 10% assets devoted to other projects. The businessman specifies that he no longer practices trading and that he considers his ethers and bitcoins as long-term investments

Publié par Jules Bercy

web builider and specialist in communication

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