Bitcoin is a very powerful instrument. Most of the world still does not get it. The understanding about what is present, along with the rest of cryptocurrency resides with just a few.
This includes some rather successful and very smart people.
Mark Cuban was one of them. For years, he blasted Bitcoin, not buying into the narrative that it was going to be the new money. In fact, that is still an idea he does not believe.
So what was it that changed his mind?
I can't say exactly but it has to be when the major institutions started buying in. The narrative he does accept about Bitcoin is that it is a store of value. This is obviously why the major institutions stated their buying.
What is so interesting about this scenario is that Cuban went from Bitcoin hater to not only a supporter of cryptocurrency, but an ardent one. He is a big time advocate for what is taking place with NFTs and DeFi in particular. He believes this is the future.
He is such a supporter that he even offered some advice to noted Bitcoin hater, Peter Schiff.
Keep in mind that Cuban is the guy who once said he preferred bananas to Bitcoin.
This is what he had to say:
That is quite a turn around. He is starting to sound like the Winklevoss Twins or some long time Bitcoin advocates.
This is the power of what is going on here. Cuban is obviously a very knowledgeable guy when it comes to the technical aspect of things. That is his background which translated into him turning Broadcast.com into a multi-billion dollar company.
Of course, Cuban had a parting shot for Schiff.
It is amazing the conversion that can be made. Cuban is now one of crypto's staunchest supporters. When Bitcoin converts people, it really converts them.
For those who understand what is taking place, they can see how the future is aligning. Much of what we are seeing now is really just a proof-of-concept. There will be a lot of failure over the next few years. That is the way it goes with technology. Experimentation is what this is all about. That is where innovation comes from.
Having a few breakthroughs lead to even more success. It is how the Internet was built and this will mirror it. As long as people keep developing and trying new things, we are apt to see exponential grow across the industry.
It is vital to remember we are in the early days. With only 100 million people involved, it is hard to fathom what things will be like when there are a billion. Presently, there are more than 4.5 billion people on the Internet.
Cuban went even one step further. His basketball team, the Dallas Mavericks, will begin accept DOGE as payments. This will put this currency in the limelight even more.
https://cryptobriefing.com/mark-cubans-dallas-mavericks-will-accept-dogecoin/
Everywhere we look, there are things happening around cryptocurrency. In fact, just last week, Cuban's co-host on Shark Tank, Kevin O'Leary, another critic of Bitcoin in the past said he now embraces it. In fact, he allocated 3% of his portfolio to the leading cryptocurrency.
Here is where we see the wave of new buying come from. It is not from the early speculators. Instead, we are seeing those who waited until the technology proves itself before jumping in.
At this time, there is little doubt that Bitcoin is sticking around. We also know that institutional interest is not going to wane anytime soon. This means that bigger institutions are going to get involved, most likely pushing the price higher.
Even if the use case is as a store of value, the larger the market cap, the more confidence the bigger players will have in it. This turns it into a self-fulfilling prophecy.
The biggest compliment one can receive is when one's critics start to embrace you. For Bitcoin, this what is happening. As the leading cryptocurrency, this is forging a path for the rest of cryptocurrency to follow. Projects that are built in this spectrum now have the chance to follow the lead of Bitcoin and provide real world value.
It is vital to remember how early we are in the and how much is going to change over the next few years. Once this starts to hit the mainstream, every aspect of what is being developed now will take off.
This is going to take some time since it is technical in nature and does require a great deal of coding. However, just like the Internet, each new phase brings in many more users.
With someone like Cuban now promoting it, we could see a rush of new investors. After all, when it comes to finance, the herd mentality does exist.
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