Bitcoin has a “huge” advantage over other cryptocurrencies: its “zero competition” as a store of value. The billion dollar crypto investor Mark Cuban emphasized this so clearly in his latest tweet.
In his post on Saturday, Cubans described Bitcoin as the “best store of value” on the market given its algorithmic scarcity – which, he said, makes the token’s offerings very limited by its design, CNBC reported.
We can all argue that until we’re blue in the face. Do not care. The big advantage of BTC is that as SOV it has ZERO competition. All smart contract chains and really ALL blockchains are in a DEATH war to win these applications. Many will lose.
– Mark Cuban (@mcuban) October 17, 2021
As a result, Cuban views Bitcoin as a position that always increases in value as demand increases. The “Shark Tank” judge also compared Bitcoin to gold and even emphasized that the world’s largest cryptocurrency has a better store-of-value value than gold.
Bitcoin rose 3.97 percent to $ 64,423.02 in the last 24 hours on Tuesday, according to Coindesk. Its market capitalization was $ 1.21 trillion.
Mark Cuban sees Bitcoin and Ethereum as “safe havens” for crypto
Cubans were so convinced of Bitcoin that they predict that the token, along with Ethereum, will soon be considered “safe havens” in the crypto world, CNBC added in its report.
This means that Cubans see Bitcoin as an important cryptocurrency that will hold its value or continue to grow even when the crypto world faces turmoil.
The Dallas Mavericks owner’s comments came while discussing Bitcoin and Ethereum use cases with the Bitcoin maximalists on Twitter. While they agreed on a few areas, some of Cuba’s findings have been controversial.
Also Read: Ethereum Price Prediction: Mark Cuban Sees Massive Spike In ETH Value
These Bitcoin maximalists see the token as a decentralized peer-to-peer financial system that would replace the current, traditional financial systems. For them, Bitcoin is both a hedge against inflation and a medium of exchange.
Cuban opposed this view, stressing that Bitcoin was “not a cure for any financial system” and “not a hedge against anything”. The popular businessman may view Bitcoin as an appreciative store of value, but he doesn’t view the token as a medium of exchange or currency for mainstream transactions – like buying items in a store – due to factors like taxes and fees.
Mark Cuban Notes Strengths of Ethereum over Bitcoin
Cuban noted that although he had invested in both Bitcoin and Ethereum, he had grown fond of ETH. Cuban stressed that this was due to the “unlimited number of uses” of the Ethereum blockchain, which he said would “change the business / consumer world forever”.
In order for people to use these applications, they have to buy ETH and add that Bitcoin “doesn’t have that demand pull”.
Cuban highlights Ethereum Smart Contracts that enable decentralized financial applications (DeFi) and non-fungible tokens (NFTs), which are ETH’s core competencies. Cuban said these smart contracts “really changed everything” in the crypto market.
When asked which digital coin he was pushing for new crypto investors, Cuban had indicated in an interview with CNBC Make It that Ethereum had “more upside potential” as an investment.
Related article: Mark Cuban Net Worth 2021: How Rich is the Dallas Mavericks Owner and Dogecoin Supporter?
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