fbpx
QQQ
+ 0.68
346.89
+ 0.2%
DIA
-0.15
339.60
-0.04%
SPY
+ 0.29
422.82
+ 0.07%
TLT
-0.57
144.21
-0.4%
GLD
+ 1.53
164.72
+ 0.92%

3 Ways 'Ethereum Dwarfs Bitcoin,' According To Mark Cuban

May 6, 2021 8:33 am
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
3 Ways 'Ethereum Dwarfs Bitcoin,' According To Mark Cuban

Billionaire investor Mark Cuban has been an advocate for the second-largest cryptocurrency by market cap, Ethereum (CRYPTO: ETH), and his recent comments indicate a belief that it may even be superior to Bitcoin (CRYPTO: BTC).

What Happened: “The number of transactions and the diversity of transaction types along with the development efforts in Ethereum dwarf Bitcoin,” he said to CNBC.

“The utilization of Ethereum is much higher.”

Cuban believes that there are three reasons for this. First, the Ethereum blockchain processes a larger number of transactions per second, making payments much faster and efficient.

Secondly, Ethereum is a smart contract platform that powers the creations of decentralized finance (DeFi) applications and Non-Fungible Tokens (NFTs).

Although Cuban admitted that Bitcoin is the “more established store of value” at the moment, he believes that Ethereum potentially has far more in store for the crypto space.

“Ethereum…is booming with development that I think will create so many new applications,” said Cuban.

Finally, he believes that the long-awaited upgrade to Ethereum’s network – ETH 2.0 – will play an important part in shaping the future of the crypto asset.

“The impact of Ethereum could be greater than we currently imagine,” he explained.

ETH 2.0 is expected to make the Ethereum network faster and more secure, “all of which will be hugely positive as a whole for Ethereum,” according to Cuban.

See also: Here's Why JPMorgan Believes Ethereum Will Continue Growing Faster Than Bitcoin

The investor did note that the only challenge with Ethereum as an investment is that its price movements may be difficult to predict until the update is fully rolled out.

Price Action: Ethereum set an all-time high of $3,541 earlier today, and its market dominance rose to 16.86%.

At press time, the digital asset traded at $3,502, according to data from CoinMarketCap.

Image: Gage Skidmore on Wikimedia Commons

For the latest in financial news, exclusive stories, memes follow Benzinga on Twitter, Facebook & Instagram. For the best interviews, stock market talk & videos, subscribe to our YouTube channel.


Related Articles

Litecoin Completes Integration Into Wanchain's Fully Decentralized Cross-Chain Infrastructure

Interoperability between different blockchains and their ecosystems has been one of the primary pursuits of the crypto industry for some time now. read more

Analysis Of The Potential Of Blockchain To Complement The Healthcare Sector Of The Economy

Blockchain technology has massive applications in almost every industry out there, and while some have accepted it with open arms, others are a bit more reserved and skeptical. Take healthcare as an example. read more

Wednesday's Market Minute: Narrative Destruction In Bitcoin Will Exact A Heavy Toll

Stock prices move based on what a company earns and stories about what that company will earn in the future. The company only tells us four times a year how much they actually earn; the rest of the time, stories do the work. Narrative is an extremely powerful force in markets, and its relevance scales up in accordance with the murkiness of an asset’s “true” value. read more

Goldman Sachs Trades Tokenized Treasury Bonds On JPMorgan's Private Blockchain Network For The First Time

Goldman Sachs Group Inc (NYSE: GS) has made its first trade on JPMorgan Chase & Co. (NYSE: JPM) private blockchain network. read more