Crypto: Mark Cuban worries about the merger and metaverse real estate

Mandatory Credit: Photo by Isaac Brekken/Variety/Shutterstock (10519385an)Mark CubanVariety Entertainment Summit at CES, Aria Resort and Casino, Las Vegas, USA - January 8, 2020.

Isaac Brekken/Variety/ /

There aren’t too many billionaires in the US (under 1,000, most likely), and so when one of them shares his thoughts on cryptocurrency, people tend to pay attention.

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It’s no surprise, then, that famed entrepreneur and Dallas Mavericks owner Mark Cuban (worth $4.7 billion, according to Forbes) attracted tens of thousands of views when he appeared on popular YouTube channel Altcoin Daily earlier this week to talk crypto.

A crypto enthusiast who has previously described himself as an Ethereum maximalist, Cuban is the type of investor who puts his money where his mouth is for the long term. In a recent Fortune profile, he quoted Warren Buffett as saying, “When the tide goes out, you get to see who’s swimming naked.” So wherever crypto goes (and as we know, it goes way up and down), Cuban is sure to follow.

But, like any savvy investor, Cuban constantly assesses the current market situation and speculates ambitiously about what may lie ahead. During his appearance on Altcoin Daily, Cuban shared deep thoughts on the current crypto situation as he sees it.

Let’s take a look at the highlights of the conversation.

On the Ethereum Merger

Ethereum’s expected transition from PoW (proof of work) to PoS (proof of stake) sometime this year was a hot topic during Cuban’s interview. Called “The Merge,” the high-profile transition is expected to make Ethereum less environmentally destructive, as well as faster and more secure.

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Cuban has previously championed the shift, suspecting it would send Ethereum soaring, but is now more wary, expressing concern that the move could lead to a “buy the rumor, sell the news” hysteria, with assets skyrocketing the weather, but fail to sustain growth (and sometimes crash) after the momentum passes.

About property in the metaverse

Metaverse real estate has been selling like crazy for the past year, but Cuban certainly wasn’t a buyer. He openly mocked the trend, saying that investments in digital real estate are “the dumbest (expletive) thing ever” because, unlike physical real estate, digital real estate is inherently unlimited and thus lacking in value.

Cuban’s favorite crypto

Cuban has Bitcoin, but he is mostly fond of low-cap altcoins and invests in KlimaDAO, ApeCoin, Blocto Token, Injective Protocol and Lithosphere.

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About the author

Nicole Spector is a writer, editor and author based in Los Angeles by way of Brooklyn. Her work has appeared in Vogue, Atlantic, Vice and The New Yorker. She is a frequent contributor to NBC News and Publishers Weekly. Her 2013 debut novel, “Fifty Shades of Dorian Gray” received rave reviews from the likes of Fred Armisen and Ken Kalfus, and was published in the US, UK, France and Russia – although no one knows what happened to the Russian edition! She has an affinity for Twitter.

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