Decentralised autonomous organisations (DAOs) have become popular within the crypto space over the past few months.
Mark Cuban, the billionaire investor and owner of the Dallas Mavericks NBA team, has recently stated that he is a fan of DAOs and smart contracts. He pointed out that his investments are in cryptocurrencies and not traditional financial assets. Cuban said;
“The investments I’m making now are not in traditional businesses.”
Cuban recently pointed out that he is bullish on decentralised autonomous organisations and smart contracts. He stated that DAOs could lead to disruptive organisations and change the way, so many companies around the world operate.
DAOs entities within the blockchain space that are in charge of the governance of certain protocols. The amount of tokens owned by an investor grants them a certain influence on how the DAO should be governed.
According to Cuban, DAOs would affect the banking and insurance sectors of the global economy. He added that banks and other traditional financial institutions should be afraid of the decentralised finance (DeFi) space and smart contracts. Cuban said smart contracts could change the world.
The billionaire investor is a huge fan of Dogecoin, the leading meme coin in the world. He has praised DOGE in recent months, describing it as the perfect cryptocurrency to use as a payment option for goods and services.
Cuban mentioned that cryptocurrency is still in its early days, as such, it is not for everyone. He added that in the next decade, the success to be recorded by cryptocurrencies would be massive and more people would enter the market.
The broader cryptocurrency market has been underperforming over the past few months. Bitcoin is down by more than 30% from its all-time high while Ether continues to struggle below the $3,500 resistance level in recent days.
However, market experts still expect Bitcoin and the other cryptocurrencies to rally higher over the coming months.