Billionaire investor Mark Cuban has stressed the need for a “grandma-friendly” crypto application that would attract widespread adoption.
In a recent episode of Wired’s “Tech Support,” Cuban, known for his role on “Shark Tank” and as the owner of the Dallas Mavericks, discussed various topics, including some challenges the crypto space faces.
He highlighted the common association of crypto with speculation, noting that its true potential lies in creating new applications that enhance convenience and efficiency.
The billionaire also mentioned the need for a “grandma-friendly” application that would attract widespread adoption.
He drew a parallel to the iPhone, which gained significant traction when popular apps like Instagram and Snapchat became available.
Cuban suggested that crypto is still waiting for its defining application that appeals to the masses.
“Think back to the iPhone. It came out in 2007, but it wasn’t until the best apps like Instagram and Snapchat and Facebook went mobile, that the App Store and the iPhone really took off. Crypto is still waiting for its Instagram moment.”
Regarding non-fungible tokens (NFTs), Cuban argued that the market is currently underperforming.
However, he drew comparisons to other industries, such as the internet stock market crash, when companies like Amazon and Microsoft experienced significant setbacks before rebounding.
“I’m not gonna tell you what you should or shouldn’t do, other than to say with NFTs, the best time to buy is when you’re a collector and you love the NFT,” he said.
Cuban Talks Wealth and Taxes
During the interview, Cuban also shared his insights on wealth, taxes, and the potential of cryptocurrencies.
For one, the billionaire emphasized the role of luck in achieving billionaire status, stating that luck plays a significant part in the journey to extreme wealth.
He debunked the notion that billionaires can easily replicate their success, highlighting the importance of fortunate circumstances in their achievements.
Expressing a strong belief in the responsibility of the super-rich, Cuban advocated for billionaires to pay higher taxes.
He acknowledged the contributions of the country and the infrastructure that enables success, emphasizing that paying taxes is a patriotic duty.
According to Cuban, wealth should be accompanied by a willingness to contribute to the betterment of society.
When asked how he would make money from scratch with limited resources, Cuban emphasized his sales skills.
He explained that he would seek a sales job and strive to become the best salesperson in the industry.
Cuban also discussed the potential business opportunities presented by technologies like Alexa and language models such as ChatGPT.
He suggested that individuals could leverage their knowledge of these technologies to provide services and training to others.
For example, teaching people how to optimize the use of Alexa in their homes or guiding businesses in utilizing ChatGPT for their operations.
“So if you just get involved and stay ahead, you’re gonna be the person in demand, selling your services on how to prompt ChatGPT to help a business, or even to tutor kids on how to best use it for school.”