Billionaire investor Mark Cuban advised against equating cryptocurrencies and traditional currencies in response to comments by NBA analyst Bill Ingram, who inexplicably found himself echoing former U.S. President Donald Trump’s anti-crypto sentiments, expressed during an interview on Tuesday. Cuban said on Twitter:
“Don’t think of crypto as currencies. Think of them as decentralized, secure, networked platforms with features that allow for the development of apps that can have unique utility for individuals and businesses.”
A ‘disaster waiting to happen’
In an interview with Fox Business on Tuesday, Trump called cryptocurrencies a “disaster waiting to happen” and expressed concern that they could hurt US dollar value. He said:
“They may be fake. Who knows what they are? They certainly are currencies that people don’t know very much about. I’m not a big fan. The currency of this world should be the dollar. And I don’t think we should have all of the Bitcoins (BTC/USD) of the world out there. I think they should regulate them very, very high. It takes the edge off of the dollar and the importance of the dollar.”
In response, Bill Ingram tweeted:
“I’m not one to agree with the former president on much of anything, but I have long wondered whether we really need another form of currency that only has a pretend value because some group of people decides to pretend it does. The US dollar already fills that role in our lives.”
Cuban, who has invested in several Layer 2 scaling solutions for Ethereum (ETH/USD), begs to differ. He promotes ongoing development of smart contract platforms like Ethereum.
Cutting edge AI platform
Back in August, an AI platform backed by him closed a $16 million strategic private and restricted token sale. The platform, Althea AI, was also supported by Dapper Labs, Alameda, Gemini Frontier Fund, Multicoin, and other renowned investors.
At the moment, the platform is working on a decentralized protocol based on Open Ai’s GPT-3 deep learning engine. This protocol creates intelligent NFTs, which enable real-time interactions with users. Back in June, one of them was auctioned off for $478,800.
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