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There aren’t too many billionaires in the U.S (under 1,000, most likely) and so when one of them shares their thoughts on cryptocurrency, people tend to pay attention.
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It’s no surprise then that famed entrepreneur and Dallas Mavericks owner Mark Cuban (worth $4.7 billion, according to Forbes) attracted tens of thousands of views when he appeared on the popular YouTube channel Altcoin Daily earlier this week to talk crypto.
A crypto enthusiast who has in the past described himself as an Ethereum maximalist, Cuban is the type of investor who puts his money where his mouth is for the long haul. In a recent profile by Fortune, he quoted Warren Buffett, saying, “When the tide goes out, you get to see who is swimming naked.” So, wherever crypto goes (and as we know, it goes way up and way down), Cuban is sure to follow.
But, like any savvy investor, Cuban is constantly assessing the current market situation and ambitiously speculating on what could lie ahead. During his appearance on Altcoin Daily, Cuban shared deep thoughts on the current crypto situation as he sees it.
Let’s review the highlights of the conversation.
Ethereum’s anticipated shift from PoW (proof of work) to PoS (proof of stake) sometime this year was a hot topic during Cuban’s interview. Dubbed “The Merge,” the highly buzzed transition is expected to make Ethereum less environmentally destructive, as well as faster and more secure.
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Cuban has in the past championed the shift, suspecting that it will make Ethereum soar, but now he’s more wary and expressed concern that the switch over could prompt a “buy the rumor, sell the news” hysteria, wherein assets skyrocket but don’t sustain growth (and sometimes crash) after the momentum passes.
Metaverse real estate has sold like crazy this past year, but Cuban assuredly was not a buyer. He plainly mocked the trend, saying investments in digital plots are “the dumbest (expletive) ever” because, unlike physical real estate, digital real estate is inherently limitless and thus lacking in value.
Cuban does hold Bitcoin, but he’s fondest of low cap altcoins and invests in the KlimaDAO, ApeCoin, Blocto Token, Injective Protocol and Lithosphere.
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