Crypto: Mark Cuban Worries About the Merge and Heckles 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 - 08 Jan 2020.
Isaac Brekken/Variety/ /

There aren’t too many billionaires in the U.S (under 1,000, most likely) and so when one of them shares their 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 the popular YouTube channel Altcoin Daily earlier this week to talk crypto.  

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

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

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Let’s review the highlights of the conversation. 

On the Ethereum Merge 

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

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Cuban has in the past championed the shift, suspecting that it will make Ethereum soar, but now he’s more wary and expressed concern that the switch over could prompt a “buy the rumor, sell the news” hysteria, wherein assets skyrocket but don’t sustain growth (and sometimes crash) after the momentum passes.   

On Real Estate in the Metaverse

Metaverse real estate has sold like crazy this past year, but Cuban assuredly was not a buyer. He plainly mocked the trend, saying investments in digital plots are “the dumbest (expletive) ever” because, unlike physical real estate, digital real estate is inherently limitless and thus lacking in value. 

Cuban’s Favorite Crypto 

Cuban does hold Bitcoin, but he’s fondest of low cap altcoins and invests in the 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, the Atlantic, Vice, and The New Yorker. She's a frequent contributor to NBC News and Publishers Weekly. Her 2013 debut novel, "Fifty Shades of Dorian Gray" received laudatory blurbs from the likes of Fred Armisen and Ken Kalfus, and was published in the US, UK, France, and Russia — though nobody knows whatever happened with the Russian edition! She has an affinity for Twitter.
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