Bitcoin Price Gets Major Boost From Mark Cuban: BTC Has ‘Huge Advantage’

Bitcoin Price Gets Major Boost From Mark Cuban: BTC Has ‘Huge Advantage’
Bitcoin has one "huge" advantage over other cryptocurrencies: its "zero competition" as a store of value. Billionaire crypto investor Mark Cuban emphasized such clear in his latest tweet. Photo : Rich Fury/Getty Images

Bitcoin has one "huge" advantage over other cryptocurrencies: its "zero competition" as a store of value. Billionaire crypto investor Mark Cuban emphasized such clear in his latest tweet.

In his post on Saturday, Cuban described Bitcoin as the "best store of value" in the market, given its algorithmic scarcity--which he said makes the token preciously limited in supply by its design, CNBC reported.

As a result, Cuban views Bitcoin as a holding that will always increase in value as demand rises. The "Shark Tank" judge also likened Bitcoin to gold, even stressing that the world's largest cryptocurrency has a better store of value than gold.

Bitcoin soared 3.97 percent in the last 24 hours on Tuesday to $64,423.02, as per Coindesk. Market capitalization stood at $1.21 trillion.

Mark Cuban Sees Bitcoin, Ethereum as Crypto 'Safe Havens'

Cuban has been so confident about Bitcoin that he predicts the token, together with Ethereum, will soon be considered as "safe havens" in the crypto world, CNBC added in its report.

This means Cuban sees Bitcoin as a key cryptocurrency that will maintain its worth or continue to grow, even in the event that the crypto world faces turmoil.

The Dallas Mavericks owner's comments came as he discussed use cases of Bitcoin and Ethereum with the Bitcoin maximalists on Twitter. While they were in agreement on some areas, a few of Cuban's insights were disputed.

Read Also: Ethereum Price Prediction: Mark Cuban Sees Massive Surge for ETH Value

These Bitcoin maximalists see the token as one peer-to-peer, decentralized financial system that would supersede current, traditional financial systems. To them, Bitcoin is both a hedge against inflation and a medium of exchange.

Cuban opposed that view, stressing that Bitcoin is "not a cure for any financial system" and "not a hedge to anything." The popular businessman may consider Bitcoin as an appreciating store of value, but he does not consider the token as a medium of exchange or as a currency used for mainstream transactions--such as purchasing items at a store,--because of such factors as taxes and fees.

Mark Cuban Notes Strengths of Ethereum oOver Bitcoin

Cuban noted that while he had invested in both Bitcoin and Ethereum, he has grown fonder of ETH. Cuban stressed that this is due to Ethereum blockchain's "unlimited number of applications" that he said would "change the biz/consumer world forever."

For people to utilize these applications, they need to purchase ETH, adding that Bitcoin "doesn't have that demand pull."

Cuban is highlighting Ethereum smart contracts that enable decentralized finance (DeFi) applications and non-fungible tokens (NFTs), which are the centerpiece strengths of the ETH. Cuban said these smart contracts "really changed everything" in the crypto market.

When quizzed on what digital coin he's push for new crypto investors, Cuban had indicated in an interview with CNBC Make It that Ethereum has "more upside" as an investment.

Related Article: Mark Cuban Net Worth 2021: How Rich Is The Dallas Mavericks Owner and Dogecoin Supporter?

© 2021 iTech Post All rights reserved. Do not reproduce without permission.

More from iTechPost