The celebrity investor said Ethereum is “most like money” and believes in the power of NFTs and smart contracts.
The ETH/USD exchange rate surged to $2,007 during the Asia-Pacific trading session Friday, bringing the Bitcoin Dominance Index to its lowest point since October 2020.
The BTC supporters are legion on social media –– but there is a dedicated base for Eth. This makes one ask — is it the year of Bitcoin or the year of Ethereum?
We know this is comparing Apples and a decentralized platform, but a comparison is inevitable — you can support both horses and still speculate around who is going to win the race.
Billionaire investor and co-owner of The Shark Tank and the Houston Mavericks, Mark Cuban recently appeared on the Delphi Podcast.
Mark has revised his 2019 assessment when he stated he’d “rather have bananas” than Bitcoin. His opinion has changed on BTC — but NFTs and their smart contract capabilities really have his interest.
“I was always positive on Bitcoin as a store of value,” Cuban said. “The whole banana thing was over the utility of Bitcoin — I didn’t see it as a currency. I don’t see it as a currency.”
Cuban said he “hasn’t sold anything,” and he does believe in BTC as a store of value. However, he thinks we are in a new hype cycle — around NFTs and smart contract capabilities associated with Ethereum.
“This is the hype cycle. We are in it right now… We already had a hype cycle for BTC and Eth in 2017… Now we have a hype cycle for smart contracts and NFTs… but it also becomes an education.”
Cuban described his own attitudes on crypto as having evolved. For him, the lightbulb moment happened in January when he went to Mintable to start creating NFTs.
“That’s what really got my interest and what really propelled me down the rabbit hole… I started creating NFTs, that led me to dig into solidity, making smart contracts, understanding the scalability… that introduction to minting and the capabilities of a smart contract, that’s what got me super excited and kept me there.”
Putting his Shark Tank hat on — Mark is bullish on Bitcoin, but he believes in Ethereum as the real game-changer.
“(NFT) royalties got me to understand smart contracts and how simple it was to program this s**t. Decentralization and the fact that with smart contracts, you can control everything that happens in a transaction or a process. Knowing what I know about business, I put my Shark Tank hat on and said, ok, this is crazy. This is really going to change the game.”
Ethereum Changing the Game
Ethereum has performed solidly at the top of the heap of altcoins and runner up to Bitcoin’s stardom.
What is driving the support and excitement for Ethereum? It seems fair to say that DeFi is the big draw, but NFTs have been a surprising extra source of excitement.
“I think the main beauty of Ethereum lies in the fact that it’s a hotbed of continuous innovation. In 2020 we saw the rise of a $40…