Mark Cuban: Bitcoin and crypto are the new internet

In an interview, Mark Cuban has now summarized his view of Bitcoin, the fiat money system and the decentralized financial economy. He compared the situation with the early days of the Internet and showed the great opportunities that presented themselves.

Cuban is an American billionaire who owns the Dallas Mavericks professional basketball team. In an interview with “ The Defiant “ Cuban has now explained his view of Bitcoin, Fiat and the decentralized financial economy (DeFi).

Will Bitcoin become a currency?

With regard to Bitcoin (BTC), Cuban emphasized that initially there was always the assumption that Bitcoin would develop into a currency. In the meantime, however, it is also clear to most Bitcoin proponents that Bitcoin is less a currency, but rather a store of value. He also said he still doesn’t believe it will develop into a currency.

Cuban went on to say that he considered it possible that the states could shift parts of their gold reserves into Bitcoin or other crypto assets in the future. Much in this area has to do with trust.

That will become of the current monetary system

Cuban called the current monetary system “unsustainable and unsustainable”. Nevertheless, he does not expect the system to collapse, he said. He also emphasized that he saw no connection between the actions of the US central bank system (Federal Reserve), ie the „unchecked money printing“, and the price of Bitcoin.

In any case, states are losing money by physically minting and printing coins and paper money, Cuban explained. In this respect, electronic currencies are cheaper, which is why the states are gradually introducing them.

Gold rush atmosphere like at the beginning of the internet

Cuban also again showed itself to be a great proponent of decentralized finance and Ethereum (ETH).

Regarding the current boom in the field of decentralized finance, he said:

The blockchain is now really maturing (…) NFTs [Non-Fungible Tokens] (…) New applications are emerging everywhere. It reminds me so much of the early days of the internet. People had been talking on the internet since the mid-90s, but the internet had been around for ten years.

Cuban was optimistic about the possibilities to digitize and sell all kinds of things. Cuban saw the real upheaval in another area:

Banking will be smooth. (…) It’s easy to borrow [money] in seconds. You can borrow money in seconds. If you want to borrow (…) 100 USD at 2.3%, you can do it in 15 seconds. That’s incredible.