American billionaire entrepreneur, television personality, media proprietor, investor and National Basketball Association’s Dallas Mavericks owner Mark Cuban has officially updated his opinion and reveal the true potential of Defi, of Ethereum and of Cryptocurrency in 2021.
“Lets talk $GME shorts vs De-Fi. When someone shorts a stock that is already heavily shorted, they have to pay a fee to borrow that stock. In the case of $GME that fee has been hovering around 30% this week. Shorts have to pay (Price x .30)/360 per day. In DeFi thats a 30% APY” Mark Cuban on how DeFi solves the shorts like GameStop fiasco.
Mark Cuban on Bitcoin, NFTs and What Comes Next: “The Upside Is Truly Unlimited”, in an exclusive interview with Coindesk.
“Watching the cryptos trade, it’s EXACTLY like the internet stock bubble. EXACTLY,” Cuban tweeted in January, on the heels of BTC’s jump above $40K. Many saw the thread as bearish on bitcoin, or even bitcoin-hostile.
“As during the dot-com bubble ‘the experts’ try to justify whatever the pricing of the day is. Crypto, much like gold, is a supply and demand driven. All the narratives about debasement, fiat, etc. are just sales pitches. The biggest sales pitch is scarcity vs. demand.” Cuban continued.
“It has a shot. We have to get through the wild west period, but there is so little friction in transactions vs traditional banking. If they can get away from fear of [know your customer] and other regulations and let the products leverage their advantages, it really could change banking dramatically”Marc Cuban
Dallas Mavericks recently became just the second NBA team to accept Bitcoin after Sacramento Kings became the first team to accept Bitcoin in 2014.
The National Basketball Association’s team now accept Bitcoin as a method of payment for both game tickets and merchandise. BitPay will process all Bitcoin payments through the team’s website.
Away from Mark Cuban, Payments giant Visa Inc’s CEO Alfred Kelly has revealed his firm’s plans to enable cryptocurrencies trading on its network. Kelly, who is also chairman of the firm, explains that there is no reason not to add cryptos when these are increasingly becoming “a recognised means of exchange.”
However, to achieve this, Kelly says his organisation will divide the crypto market into two segments, namely cryptocurrencies and digital currencies. Describing the assets that will be included in the cryptocurrency segment, the CEO says these will be viewed “as digital gold.” According to Kelly, such currencies are “predominantly held as assets that are not used as a form of payment in a significant way at this point.” This strategy will be similar to Visa’s approach to “connect closed-loop wallets such as Line Pay and Paytm.”