Not too long ago, billionaire investor and owner of the Dallas Mavericks basketball team Mark Cuban commented that he owned quite a bit of bitcoin, but that his crypto portfolio also contained a healthy portion of Ethereum. While his initial sentiment was that Ethereum was considerably closer to a currency that bitcoin was, new ideas have been expressed, and Cuban allegedly seems to think that the future of the crypto space will rely heavily on ETH-based developments.
Mark Cuban: Ethereum Will Seriously Outweigh BTC
In a recent interview, Cuban says that he is quite impressed with Ethereum given that it boasts smart contract capabilities and that it has given rise to the decentralized finance (defi) space. Over the past few years, Ethereum has established its reputation as the go-to network for those looking to establish new coins and decentralized applications, though its popularity has come with a serious downside.
So many people are now looking to ETH to develop their projects that the blockchain has been heavily bogged down by traffic, slow speeds and high gas fees. As a result, Vitalik Buterin – the co-creator of the world’s second-largest cryptocurrency by market cap – claimed that the blockchain was no longer scalable, or at least not as strong as it once was.
But all that is about to change with the release of Ethereum 2.0, which is slated to solve some of the many issues that have been wearing heavily on ETH’s shoulders as of late. Having entered its first stages last December, Ethereum 2.0 has got the attention of virtually every crypto fan out there – including Cuban, and he believes 2.0 is going to send bitcoin into oblivion.
I think the applications leveraging smart contracts and extensions on Ethereum will dwarf bitcoin. Bitcoin, right now, has evolved to be primarily a store of value, and it is rather difficult to use it for anything else. You really have to work a lot harder on bitcoin than you do on Ethereum.
But the argument that bitcoin has evolved into a store of value does not fully play out considering Cuban is convinced that many of the ongoing developments with ETH will not be fully ready until late next year. This, in turn, will likely convince many people to see ETH as a store of value as well, and thus many are likely to turn to Ethereum over BTC in the coming months. From there, once ETH 2.0 is fully ready, the crypto world is in for some huge changes.
Proof of Stake Is Opening Several Doors
With proof of stake, you are going to be able to have some multiple, a significantly higher multiple, in transactions per second, that’s going to improve the utilization and the opportunities to create on Ethereum. In a few years, I think Ethereum and maybe two or three other blockchains will have their place.