Billionaire Mark Cuban believes Bitcoin can outperform gold, smart contracts can revolutionize the banking industry, and Dogecoin can become legal tender.
Previously, the owner of the Dallas Mavericks basketball club was a supporter of gold. However, now Kuban believes that bitcoin can be viewed as a tool for preserving values along with the “sacred material asset” – gold. Cuban wrote on Twitter, calling both assets “financial religions.”
The billionaire expressed himself metaphorically about other digital assets, saying that there are many “false teachings” in the cryptocurrency market, but Bitcoin is one of the “spiritual leaders.” Cuban acknowledged that bitcoin is easy to trade and easy to mine and store, while gold mining requires significant material resources.
Cuban also posted several tweets about Ethereum. He believes that smart contracts actually function faster and more efficiently in buying, selling and delivering digital goods than existing payment solutions. Therefore, smart contracts can radically change the banking industry.
“Smart contracts are automated, do not require trust management and perform tasks almost instantly. The banking system depends on buildings overcrowded with people. This increases costs and makes it difficult to conduct transactions that could be carried out more efficiently using smart contracts, ”Cuban wrote on Twitter.
The billionaire also drew attention to the altcoin DOGE, which was created as a “joke” cryptocurrency. According to Cuban, as long as companies accept DOGE as payment for goods and services, this crypto asset can be useful. Dogecoin will be able to maintain its purchasing power better than the US dollar in banks.
Cuban called Dogecoin “a joke that can be used legally.” As a reminder, US online electronics retailer Newegg added support for Dogecoin last month. In addition, DOGE is one of the favorite cryptoassets of Tesla founder Elon Musk, whose tweets have repeatedly raised the value of this cryptocurrency.
However, Galaxy Digital CEO Mike Novogratz has a very different opinion on Dogecoin. Novogratz is convinced that this cryptocurrency has no purpose or meaning.
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