Mark Cuban Roots for Cardano, Engages with Hoskinson on Twitter

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In Brief
  • Mark Cuban and Charles Hoskinson discuss ADA's utility on Twitter.

  • Hoskinson personally addressed a 12-minute explainer video to Cuban.

  • Cuban says he will happily accept ADA for purchases at The Dallas Mavericks if BitPay is made to accept it.

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Billionaire and entrepreneur Mark Cuban has voiced interest in Cardano (ADA) in a busy spell on social media.

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The Shark Tank personality engaged in a Twitter conversation with ADA’s CEO Charles Hoskinson on May 15. A conversation that began with Cuban questioning what ADA can actually be used for.

It’s a question that Cuban says he asks of all cryptocurrencies, as he clarified. Hoskinson responded and a back-and-forth ensued, with the ADA CEO giving a brief but detailed pitch in one tweet

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When Hoskinson revealed that they had rebuilt their entire smart contract model, among other things, Cuban announced in reply to Hoskinson that he was “rooting for you.”

“The more valid options the better for all of us! But as I’ve been tweeting, for the foreseeable future, it all comes down to utility and marketing. When you have some apps you think I could benefit from, I’m happy to try them out.”

Hoskinson followed this declaration up with a 12-minute video, which he directly addressed to Mark Cuban. In this video, he dished further detail about ADA, as well as exposing some of the failings of Ethereum.

The ADA creator was one of the eight original founders of Ethereum. However, he parted ways with the blockchain company in 2014 after a dispute with co-founder Vitalik Buterin.

Around the same time, Mark Cuban responded to a follower who suggested ADA could be used for merchandise purchases at the businessman’s NBA team, the Dallas Mavericks.

Alongside Dogecoin (DOGE), which the Mavericks accept for purchases. In his response, Cuban stated he would be “happy to sell for ADA”, providing the payment processor BitPay will accept it.

Current climate for Cardano

Mark Cuban’s interest comes at a positive time for ADA. May 2021 has been a largely successful month so far for the fourth largest cryptocurrency by market cap. Not least in light of a stream of all-time highs in the past two weeks alone. The latest of which occurred on May 16, when ADA surged to a price of $2.47. 

Amid this high point in ADA’s performance, a poll showed that crypto enthusiasts believe Cardano will become the third coin to surpass a $200 billion market capitalization. It beat both Binance (BNB) and DOGE in this poll, with almost 10,000 votes in its favor.

DOGE as “a valid payment mechanism”

Prior to his ADA conversation with Charles Hoskinson, Mark Cuban had been busy tweeting about DOGE. When asked what the point was behind the meme-inspired altcoin when it was inflationary, Cuban explained:

“Doge has “deterministic inflation” meaning the amount of inflation is defined. There is no uncertainty as to the amount of created and it’s inflation percentage. Which could allow it to grow as a valid payment mechanism. The unknown is whether enough people will use it this way.”

He went on to say that supply and demand may lead DOGE to not survive in the long term. Furthermore, he clarified that the only DOGE he owns personally is the quantity he bought with his son, plus that used in merchandise purchases from the Mavericks. 

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Dale Hurst is a journalist, presenter, and novelist. Before joining the Be In Crypto team, he was an editor and senior journalist at a news, lifestyle and human-interest magazine in the UK. Cryptocurrency was one of the first subjects he specialized in when first going freelance in 2018, reviewing exchanges and analysing lawsuits.

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