What Billionaire Mark Cuban Says is Needed for Cryptocurrency Adoption

Billionaire Mark Cuban shares his thoughts on the issues cryptocurrencies face and what's needed for them to become widely accepted.

Dive into the crucial role of user-friendly apps and the promising potential of NFT tickets.

The Necessity of "Grandma-Friendly Apps" in Cryptocurrency

Billionaire entrepreneur and NBA Dallas Mavericks owner, Mark Cuban, shared his thoughts on what is required for mainstream adoption of cryptocurrency.

In an interview published on October 26, 2023, in Wired’s “Tech Support,” Cuban answered the question, "Do you think cryptocurrency is over?" with a definitive "No." However, he did add that there are certain issues that cryptocurrency faces.

The first issue he highlights is the speculative nature that most people associate with cryptocurrency.

Cuban elaborates that "When people hear 'cryptocurrency,' they mostly think of speculation, which is not the original purpose of cryptocurrency."

The second issue revolves around the lack of applications that make things better and simpler. Cuban points out, "What's missing in cryptocurrency are the applications that grandma would actually want to use."

For illustration, he uses the example of the iPhone, stating, "The App Store and the iPhone only really took off once apps like Instagram, Snapchat, and Facebook became mobile. Cryptocurrency is still waiting for its 'Instagram moment.'"

NFT Tickets - The Future Is Near?

Mark Cuban also discusses the topic of NFT tickets within the context of cryptocurrency. According to him, "The day when NFTs can be used as tickets isn't far off."

Cuban notes that traditional tickets don't offer any profit when they're resold. However, if that ticket was an NFT, then the "original ticket owner" and the "team" can both make money every time the ticket is resold.

He further emphasizes that neither physical tickets nor conventional digital transfers can achieve this. Switching to cryptographic assets or NFTs makes this possible.

Moreover, Cuban advises on the optimal time for buying NFTs, saying, "The best time to buy an NFT is when you are a collector and you love NFTs."

He warns, "Do not buy on speculation."