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- Mark Cuban advocates that cryptocurrencies have proved their relevance amidst the pandemic.
- More accessible, less costly, two advantages of cryptocurrencies the billionaire outlined.
- He featured on a podcast hosted by the actor Rob Lowe and is one of the many high-profile vocal supporters of cryptocurrencies.
As the total market value of currencies has crossed the $2.5 trillion mark recently, it is being advocated more than ever. Many of its supporters have been very vocal about it, with people like Mark Cuban and Tesla’s CEO Elon Musk being the torchbearers.
The billionaire was featuring on a podcast hosted by actor Rob Lowe and said that as the world is recovering from a pandemic, cryptocurrency is the future as the environment around pandemic is pushing for the adoption of more non-conventional options. He went on to discuss the reasons why his country should adopt universally adopt cryptocurrencies and gave two most important reasons as per his opinion-
Crypto’s are cost-effective
Mark said that the cryptos would effectively cut down the transaction cost using the digital infrastructure. He explained how the physical currency needs a bulk amount of money to produce and operate. Cuban pointed out how the government has to spend billions of dollars on this process. He described how the banks and retailers need extra money to deal with the physical money, and all of this is expensive, making digital money more relevant and useful.
As per recent reports, the combined cost of producing the currency coins in the S was around $618 billion for the last fiscal year.
He added that the only real hurdle in shifting to digital currency is the people’s resistance and willpower to accept a new currency.
Crypto is more accessible
Mark outlined the accessibility problem with traditional money, how it became one of the additional challenges people have to face while fighting the pandemic. Things would have been much easier only if we had a more robust digital infrastructure. He also put some light on the institutional problems with the handling of physical money, like the number of times banks take to clear checks. He stated, “the money takes the most time in reaching the person who needs it most, while it should be easily accessible to them. And to achieve that ease of access, that it is immediately transferred to the right person we have to move to digital accounts and coins”.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
