The upcoming upgrade for Ethereum’s blockchain, known as “the merge” has the endorsement of none other than the multi-billionaire Mark Cuban.
“The Merge” is the upgrade that will transition Ethereum from proof-of-work to proof-of-stake. Meaning that the cryptocurrency will no longer need mining from high-energy consuming computers solving mathematical equations in order to run the network and create new currency.
“I’m a fan of the merge,” Cuban, told Fortune. “I think the energy usage issue is important.”
The upgrade, which is scheduled to take place on November 15th, has the crypto word anxiously awaiting.
Once the merge is complete, the second biggest cryptocurrency in the world will no longer need computer mining. This will drop Ethereum’s overall global energy consumption by 99.9%
Because of this, Cuban stated that he views the switch to proof of stake as beneficial.
“But it’s long term. I don’t know if and when it goes up,” Mark Cuban added. “I think the applications to drive usage will be there,” Cuban said, adding that he remains super bullish on Ethereum.
Mark Cuban is Bullish on Ethereum Merge
Earlier this year, The Dallas Maverick’s owner said he is “extremely enthusiastic” about Ethereum switching to proof-of-stake techniques.
Aside from the fact that the upgrade will lower energy usage, Cuban also believes that the merge will significantly decrease Ethereum’s ability for generating new currency.
This means that Ethereum could suffer a “deflationary process”, meaning that the cryptocurrency’s supply will decrease because fewer coins will be created.
Although being impossible to predict what direction Ethereum will go after the merge, the buzz around the upgrade might mean that demand for the crypto will increase, and at the same time, Ethereum’s supply will drastically decrease.
These combinations of economical processes could make Ethereum’s value skyrocket.
Mark Cuban is a Big Ethereum Enthusiast
Over the years, the billionaire stated that he is a big fan of Ethereum’s blockchain.
Cuban has regularly discussed his admiration for the blockchain since he is a self-described “Ethereum maximalist”.
He attributes it mostly to Ethereum’s smart contracts, which are sets of computer codes that carry out agreements and operate on the blockchain.
“What really changed everything was smart contracts,” Cuban said in March 2021. “Smart contracts came along, and that created DeFi and NFTs.”
That’s what changed the game. That’s what got me excited. That’s why it’s a lot like the internet.”
Mark Cuban’s Altcoin Interest
The Billionaire and star of “Shark Tank” is one of the most iconic cryptocurrency investors in the world.
Cuban is constantly appearing in interviews sharing his views about the market, and even sharing some of the cryptocurrencies he is currently interested in investing in.
In an August 7th interview with Altcoin Daily, Cuban shared a couple of low-cap altcoins he was holding.
The first currency Cuban named was KlimaDAO, an autonomous decentralized organization aiming to raise the price of carbon emissions in order to reduce emissions globally.
Secondly, the billionaire named Base Carbon Tonnes (BCT) as another cryptocurrency of interest.
KlimaDAO and BCT are “partner” cryptocurrencies due to the fact that KlimaDAO incentivizes users to buy Base Carbon Tonnes on the blockchain.
“KLIMA came along and I invested purely because, I think, it’s easier right now as we speak to buy a KLIMA token,” Cuban told Altcoin daily. “A BCT token and burn it and take the Treasury back out and take that as an offset.”
