Billionaire Mark Cuban Bullish on Ethereum’s Transition to ETH 2.0

Billionaire Mark Cuban Bullish on Ethereum's Transition to ETH 2.0
  • PoW mining will be phased out in favor of PoS this summer.
  • Cuban had urged newcomers to the crypto world to invest in ETH.

Ethereum’s change from a proof-of-work approach to a proof-of-stake has two major benefits for American billionaire Mark Cuban. He thinks the so-called Merge will dramatically reduce Ether’s energy usage, perhaps turning it into a deflationary asset.

PoW mining will be phased out in favor of PoS this summer, making the Ethereum blockchain system more environmentally friendly and reducing gas costs substantially. Cryptocurrency investors and players believe Ethereum’s upcoming update is a good thing for the platform and will help it gain ground. Mark Cuban, the Dallas Mavericks owner, is an example of this. According to him, Ethereum will be a lot more environmentally friendly following the changeover, leading to more widespread use.

Highly Anticipated ETH 2.0

According to Cuban, the change would “possibly make” Ether a deflationary asset. According to the millionaire, the quantity of ETH will be considerably reduced, and the process of minting new ETH will take longer. On the other hand, Cuban stated that he had put part of his money into Ethereum and other Ethereum-based ventures.

Despite formerly being opposed to the asset class, the entrepreneur is now an enthusiastic supporter. He often lauds bitcoin’s virtues, claiming that it is a superior financial instrument to gold. The Dallas Mavericks, his NBA club, accepts digital assets as payment for tickets and goods, including the meme currency Dogecoin, which is one of those accepted digital assets.

It seems that the billionaire has a unique perspective on Ethereum. In October of last year, he urged newcomers to the crypto world to invest in ETH since it had the most upside potential.

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