Mark Cuban Explains What Crypto’s Really About — Says It’s Missing Application ‘Grandma Really Wants to Use’

Mark Cuban, a Shark Tank investor and the proprietor of the NBA workforce Dallas Mavericks, has shared what he thinks crypto is basically about. “Crypto is still waiting for its Instagram moment,” the billionaire mentioned, noting that “What crypto is missing is that one application that grandma really wants to use.”

Mark Cuban Shares What Crypto Needs to Go Mainstream

Billionaire Mark Cuban, a Shark Tank star and the proprietor of the NBA workforce Dallas Mavericks, answered quite a few questions from customers on social media platform X throughout an episode of Wired’s “Tech Support,” broadcast on Wednesday. Some questions have been about cryptocurrency and non-fungible tokens (NFTs).

Replying to a query about whether or not he thinks crypto is lifeless, Cuban promptly mentioned: “No. Hell no.” However, the billionaire added:

But I do suppose crypto has some issues. Number one, most individuals, once they suppose crypto, they suppose hypothesis. That’s not what crypto’s actually about.

“Number two, crypto is basically about creating new functions that make issues higher and simpler,” he continued.

Cuban then defined what crypto wants to be able to go mainstream. “Think again to the iPhone. It got here out in 2007. But it wasn’t till the most effective apps like Instagram and Snapchat and Facebook went cell that the App Store and the iPhone actually took off. Crypto remains to be ready for its Instagram second,” the Dallas Mavericks proprietor opined. He emphasised:

What crypto is lacking is that one utility that grandma actually needs to make use of.

The billionaire proceeded to speak about NFTs. “It won’t be all that much longer where we’ll be able to use an NFT as a ticket. Once the ticket is resold, we don’t make a penny. The scalpers make all the money. If that ticket was an NFT, and it will be in the future, every time it’s resold, the original ticket holder can make some money, the team can make some money,” he detailed. “You can’t do that with physical tickets. You can’t do that with traditional digital transfer. You can do that when you turn it into crypto or an NFT. When that happens, crypto go up.”

The Shark Tank investor additionally suggested: “With NFTs, the best time to buy is when you’re a collector and you love the NFT.” He cautioned:

Don’t purchase to invest. You know what occurs to speculators? They get their ass handed to them.

In September, Cuban disclosed a crypto pockets hack ensuing within the theft of roughly $870,000 in cryptocurrency. He has additionally repeatedly criticized the strategy taken by the U.S. Securities and Exchange Commission (SEC) to control the crypto business. In July, he mentioned the SEC made mistakes in its regulatory strategy and described the regulator as “arrogant.” Additionally, he offered recommendations for the way the securities watchdog ought to regulate crypto.

Do you agree with Dallas Mavericks proprietor Mark Cuban about crypto’s true objective and what it must go mainstream? Let us know within the feedback part under.