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
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