Mark Cuban argues Ethereum is a better store of value
TV personality Mark Cuban recently asserted that Ether was a better option as a store of value compared to Bitcoin
The billionaire entrepreneur explained that Ethereum’s native crypto was slowly becoming a potential store of value. He added that the digital asset could dethrone Bitcoin as the better option in that respect in the near future. Cuban made these remarks while speaking in an interview with Defiant.
Mark Cuban is not a new name in the business and entertainment industry. The media proprietor is one of the prominent investors on the TV series Shark Tank and chairman of AXS TV. He is also the majority owner of the professional basketball team Dallas Maverick that plays in the NBA league.
One thing that has remained unclear about Cuban is his stance on crypto. He’s leaned on both sides of the coin – cynic and believer- based on his past comments. Cuban, at one time, labelled Bitcoin’s price rally as a bubble. On the other hand, he allowed his basketball team to accept crypto payments.
Cuban lauded Bitcoin saying it had evolved to become a viable store of value but didn’t think it could work as a currency. He went on to back Ether to beat Bitcoin as the better store of value, citing the increasing innovation on the decentralized & open-source blockchain as the rationale for his argument.
Cuban set forth that the smart contract technology featured on the blockchain is propelling innovation and compounding network effects. This, in turn, is paving the way for what he labelled “friction-free banking.” For this reason, he reckons Ethereum is poised to become a better store of value.
Bitcoin represents a considerable portion of Cuban’s portfolio according to a recent ask-me-anything (AMA) on Reddit, even though he threw his weight behind Ether. He gave an inkling that his portfolio allocation could soon change in favour of Ether, depending on the market waves. Cuban stated that should there be pullbacks, he will be looking to acquire Ether and not Bitcoin.
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Alice Leetham, @KhareemSudlow