Mark Cuban Says Blockchain Will Form The “New Internet”

In a podcast, billionaire entrepreneur, investor, Shark Tank star, and owner of the Dallas Mavericks Mark Cuban sat down with The Defiant to talk about why he’s bullish on crypto in general and DeFi in particular, and why he’s still skeptical about Bitcoin as a currency.

Over the hour, Cuban remained adamant that Bitcoin isn’t a currency so much as it is a store of value: “To this day, I’m not a believer that Bitcoin will become a currency,” he declared. “What’s really changed was that people started recognizing that it’s only a store of value.”

Cuban made several predictions that revealed his optimism about blockchain’s future. He said governments across the world may create their own digital coins because it’s cheaper: “We lose money on every penny and nickel minted. There’s just so much cost and stupidity associated with how we’ve always done things.”

He went on to call fiat money “untenable and unsustainable” before adding that he’s not sure “if we’ll actually see everything collapse.” However, he predicted that as governments get more into digital currencies, he can see them selling off a percentage of their gold reserves and putting their earnings into BTC or ETH.

He conceded that ultimately he doesn’t know. “A lot of this is trust: What do you trust? Who do you trust? How do you trust it? Bitcoiners, rightfully so, trust algorithmic scarcity. And that's okay. But there's a lot of underpinning trust that goes in there as well. You’ve got to trust electricity rates, availability, that nobody can get to 51%.”

For those that don’t know: “51%” refers to the proportion of computing power needed on a blockchain network to hijack that network. At this point in time it looks pretty darn hard to do a takeover on that scale, but Cuban counsels caution anyway.

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