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Crypto: ‘Don’t Think of Cryptocurrencies as Traditional Currencies,’ Says Cuban

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What happened

Billionaire investor and owner of the Dallas Mavericks, Mark Cuban, advised against perceiving cryptocurrencies as fiat currencies in a traditional sense.

“Don’t think of cryptocurrencies as fiat currencies,” he noted on  Twitter .

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“Think of them as decentralized, secure and networked platforms with characteristics that allow the development of applications that can be uniquely useful for individuals and companies.”

Cuban’s explanation came in response to comments made by NBA analyst Bill Ingram, who recently agreed with former US President Donald Trump.

In an  interview Tuesday , Trump claimed that he believed cryptocurrencies were a “disaster waiting to happen” and that their existence could damage the value of the US dollar.

“I am not one of those who agree with the former president on almost anything, but for a long time I have wondered if we really need another form of currency that only has a feigned value because some group of people decides to pretend they do. The US dollar already fulfills that role in our lives, ”Ingram said on Twitter.

Cuban, in turn, explained that the inherent use case for cryptocurrencies stretched far beyond what the asset class name suggests.

The investor has been an advocate for the continued development of smart contract platforms such as  Ethereum (ETH) and has  invested  in various Layer 2 scaling solutions for ETH.

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