Mark Cuban: Bitcoin and crypto are the new internet
In an interview, Mark Cuban has now summarised his view on Bitcoin, the fiat money system and decentralised finance. In doing so, he compared the situation to the early days of the internet and pointed out the great opportunities that lie ahead.
Cuban is a US billionaire and owner of the Dallas Mavericks professional basketball team. In an interview with The Defiant, Cuban has now explained his Bitcoin Loophole view on Bitcoin, fiat and decentralised finance (DeFi).
Will Bitcoin become a currency?
With regard to Bitcoin (BTC), Cuban emphasised that in the beginning there had always been the assumption that Bitcoin would develop into a currency. In the meantime, however, it has become clear even to most Bitcoin proponents that Bitcoin is less a currency and more a store of value. He also still does not believe that it will develop into a currency, he said.
Cuban went on to say that he thought it was possible that states could shift parts of their gold reserves into Bitcoin or other crypto-assets in the future. A lot in this area is related to trust, he said.
This is what the current monetary system is becoming
Cuban called the current monetary system „unsustainable and unsustainable“. Nevertheless, he did not expect the system to collapse, he said. He also emphasised that he did not see any connection between the actions of the US central banking system (Federal Reserve), i.e. the „unrestrained printing of money“, and the price of Bitcoin.
In any case, states lose money through the physical minting and printing of coins and paper money, Cuban explained. In this respect, electronic currencies are cheaper, which is why states are gradually introducing them.
Gold rush like at the beginning of the internet
Cuban also once again showed himself to be a big proponent of decentralised finance and Ethereum (ETH).
Commenting on the current boom in decentralised finance, he said:
Blockchain is really maturing now (…) NFTs [Non-Fungible Tokens] are coming (…) New applications are emerging everywhere. It reminds me so much of the early days of the internet. People had been talking about the internet since the mid-90s, but the internet had been around for ten years.
Cuban was optimistic about the possibilities of digitising and selling all kinds of things. However, Cuban saw the real upheaval in another area:
Banking is becoming frictionless. (…) It’s easy to borrow [money] in seconds. You can borrow money in seconds. If you (…) want to borrow USD 100 at 2.3%, you can do it in 15 seconds. That is unbelievable.