Mark Cuban: Don't Think Of Crypto As Currencies

What Happened: Billionaire investor and Dallas Mavericks owner Mark Cuban advised against perceiving cryptocurrencies as currencies in a traditional sense.

“Don't think of crypto as currencies,” he said on Twitter.

“Think of them as decentralized, secure, networked platforms with features that allow for the development of apps that can have unique utility for individuals and businesses.”

Cuban’s explanation came in response to comments made by NBA analyst Bill Ingram, who recently found himself in agreement with former U.S. President Donald Trump.

In an interview on Tuesday, Trump said that he believed cryptocurrencies were a “disaster waiting to happen” and that their existence could hurt the value of the U.S. dollar.

I'm not one to agree with the former president on much of anything, but I have long wondered whether we really need another form of currency that only has a pretend value because some group of people decides to pretend it does. The US dollar already fills that role in our lives.

— Bill Ingram (@TheRocketGuy) September 1, 2021

“I'm not one to agree with the former president on much of anything, but I have long wondered whether we really need another form of currency that only has a pretend value because some group of people decides to pretend it does. The US dollar already fills that role in our lives,” said Ingram on Twitter.

Cuban, in turn, explained that the inherent use case of cryptocurrencies extended far beyond what the name of the asset class itself suggests.

The investor has been an advocate for the continued development of smart contract platforms like Ethereum ETH/USD and has invested in several Layer 2 scaling solutions for ETH.

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Photo: Gage Skidmore via Wikipedia