Mark Cuban Calls Ethereum ‘Closest to a True Currency’

Mark Cuban is bullish on Ethereum. Screenshot of ABC's 'Shark Tank.'

Billionaire Mark Cuban is DeFi’s most high-profile hype man.

With a cryptocurrency portfolio consisting of “60% Bitcoin, 30% Ethereum, and 10%” miscellaneous alt-coin projects, Cuban has compared the current blockchain wave to the early days of the Internet, and has openly speculated that Ethereum could emerge as a project on par with Amazon—despite the two not really having anything in common other than both emerging from digital transformations.

The Shark Tank host reiterated his support for Ethereum this past week, calling the cryptocurrency “adaptable over time” and “the closest we have to a true currency” because developers can add to its functionalities.

“What really changed everything was smart contracts,” Cuban told The Delphi Podcast. “Smart contracts came along, and that created DeFi and NFTs. That’s what changed the game. That’s what got me excited. That’s why it’s a lot like the internet.”

“I have a lot of Ethereum as well,” continued the billionaire. “I wish I had bought it sooner, but I started buying it four years ago, simply because I think it’s the closest we have to a true currency…. There’s none that I’m just all in on, other than Bitcoin and Ethereum, that I look at as being an equivalent investment.”

While Bitcoin and Ethereum remain his two biggest holdings, Mark Cuban has made sizable allocations into the DeFi project AAVE—a protocol allowing users to lend out cryptocurrency. A screenshot of one of his wallets in January indicated he had staked $128,000 worth of AAVE token.
Disclosure: The author of this piece owns some Ethereum tokens.