Shark Tank: Ethereum vs Bitcoin
In a recent podcast with DeFi blog The Defiant, billionaire investor Mark Cuban suggests Ethereum (ETH) could be the future of stores of value. Cuban, famous for his appearance on the television series Shark Tank, says cryptocurrency’s second token could even outdo Bitcoin (BTC) in that area.
Cuban’s comments surprise few who know him. He questioned BTC in the past, and called its price surges bubble-like. Moreover, the sports billionaire also made clear in the podcast his excitement for smart contracts.
More generally, however, Cuban is a fan of cryptocurrency. He instructed his basketball team, the Dallas Mavericks, to accept cryptocurrency payments.
Moreover, in a recent ask-me-anything (AMA) on Reddit, Cuban revealed his cryptocurrency holdings, which include decentralized finance project Aave (AAVE).
The Celebrity Effect
Cuban isn’t the only celebrity or billionaire for that matter with a keen interest in the cryptocurrency and blockchain space. As has been thoroughly covered, Tesla’s Elon Musk is an enthusiastic participant in the cryptocurrency world.
The eccentric billionaire owner of SpaceX tweets on cryptocurrency’s own everlasting meme, Dogecoin (DOGE). Last year, when Musk tweeted “One word: Doge”, the canine-themed cryptocurrency leapt over 1000%.
Indeed, the continuous tweeting by the billionaire on the topic of cryptocurrencies led to a study that looked at the effects of those tweets on crypto-prices.
Unsurprisingly, the study found a significant “abnormal effect” by Musk on both DOGE and BTC.
Musk’s popularization of cryptocurrencies on Twitter even led to a number of other celebrities, Snoop Dogg among them, endorsing DOGE, approving its mainstream meme status.
A New Class
Although celebrities potentially treat cryptocurrency space as a vehicle for entertainment, a new class of cryptocurrency owning business is seriously investing in the space.
Take MicroStrategy, for example. The business analytics firm made headlines in December for its bid to raise $600 million, all of which was destined for BTC.
Celebrities tend to follow the popular culture and vice versa. When Cuban, Musk and Snoop Dogg show interest in the industry, investment advice aside, they reflect public interest.
As Bitcoin currently hovers under $50,000, more will likely have something to say.