Mark Cuban, the billionaire investor and owner of the Dallas Mavericks, cautioned against thinking about cryptocurrencies as currencies in the conventional sense.
“Don't think of cryptocurrency as a currency,” he said on Twitter.
“Consider them decentralized, secure, networked platforms with characteristics that enable the creation of applications with unique value for people and businesses.”
In reaction to remarks made by NBA commentator Bill Ingram, who lately found himself in accord with former US President Donald Trump, Cuban offered his reasoning.
Trump claimed in an interview on Tuesday that cryptocurrencies are a "disaster waiting to happen" and that their presence may harm the US dollar's value.
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 anything, but I've always questioned whether we really need another kind of money that only has a fictitious value because a group of individuals says it does. On Twitter, Ingram said, "The US dollar already plays that function in our lives."
In response, Cuban emphasized that the fundamental use case of cryptocurrencies went well beyond what the asset class's name implies.
The investor has been a proponent of smart contract platforms such as Ethereum (CRYPTO: ETH) and has invested in numerous Layer 2 scaling solutions for the cryptocurrency.
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