Billionaire investor Mark Cuban is in a friendly battle with former finance manager Peter Mallouk over the viability of Bitcoin and altcoin projects. In his comments, Mark Cuban defended Bitcoin, leading altcoins Ethereum, Dogecoin and Maker, and said the critics were wrong.
Billionaire investor Mark Cuban: Many crypto money projects will be successful! ETH, DOGE, BTC, MKR etc.
Peter Mallouk, a certified financial planner and head of asset management firm Creative Planning, criticized Mark Cuban for saying on Twitter that the long-term value of Dogecoin (DOGE) is likely to increase. However, Mark Cuban told Peter Mallouk, a longtime crypto bear, that many crypto projects will be successful because of his technological innovations. The owner of the Dallas Mavericks explains this in the following words:
Let me help you. Layer 1 and Layer 2 based chains are decisive, programmable platforms that can be used to build applications that can increase productivity. Crypto coins provide cryptocurrency holders the opportunity to benefit from the value created. Not all will be successful, but most… ETH, DOGE, BTC, MKR (Maker) etc. If you look at crypto assets and only see something intangible for people to trade, you haven’t really looked. I say if you see smart contracts and programming languages and think of new ways to turn industries upside down, then there’s a chance.
Mark Cuban: These are the reasons behind the rise of Bitcoin and altcoin projects.
Mark Cuban draws attention to the new technologies brought by cryptocurrencies in his statements:
Look at all the financial interactions you have in your life for banking, insurance, buying and selling where you need to trust faceless, anonymous people working in a company whose decisions can change your life. Would you rather continue to trust them? Or would you rather work with a decisive, distributed system built on a transparent set of rules that are open for all to see, rather than rely on these companies? These are the reasons for the rise of cryptocurrencies. Yes, there is great speculation. Just like at the crossroads of every new technology. And each of the technologies was rejected by the old institutions. Until they don’t exist.
Mark Cuban defended Dogecoin (DOGE) against claiming no significant benefit
Mark Cuban and Peter Mallouk are also back and forth on a potential long term crypto and stock bets. However, at the time of writing, it is unclear whether the bet has turned into reality. Earlier this week, Mark Cuban defended Dogecoin (DOGE) against claims of no significant benefit. Mark Cuban stated that it is the central crypto asset that people use for transactions on Mavericks, but it is a central obstacle to further adoption. Robinhood users cannot spend the purchased DOGE directly in the application. Mark Cuban adds the following to his comments on the subject:
Because Doge is the only token people use for transactions. We buy the others with BitPay. But people are spending their Doge, and that means more businesses will start buying it. The biggest hindrance to its growth is that you cannot spend the Doge you bought in Robinhood.