Mark Cuban will wager $1M that either Bitcoin or Ethereum will see a better return than the S&P 500 over the next 10 years

The billionaire investor and Dallas Mavericks NBA team owner Mark Cuban was once known to be an opponent of Bitcoin. However, it seems now that Cuban has become an avid cryptocurrency advocate. In it, Cuban is a fan of non-fungible tokens (NFTs) and Dogecoin. In which, Cuban has just agreed to a pair of long-term $1 million wagers that will be designed as smart contracts — one of which will be based on the performance of cryptocurrency.

Mark Cuban bets $ 1 million on crypto’s long-term value

Mark Cuban seems to be serious about the value of Dogecoin (DOGE) and sees great potential in the decentralized financial (DeFi) field.

And now, after engaging in a mutual debate on Twitter with Peter Mallouk, chairman and chief executive officer of asset management firm Creative Management, Cuban agreed to bet a big chunk of change in a smart. contract — which he plans to yield farm, no less.

The whole thing started when Mallouk weighed in on a Twitter conversation Cuban was having with other users about the merits and potential future growth of Dogecoin.

He added in a later reply:

Cuban agrees at this point, quoting Mallouk and saying:

“Only a fool would buy 100 stocks or 100 crypto assets.”

Mallouk suggested that he would calculate the return on the S&P 500 stock market index over the next decade against the returns of any group of Cubans to choose from, and from then on a bet was gradually thought of out – and expand.

Finally, Cuban proposed setting up a bet pair as an automated smart contract. One will see Cubans betting that a 10-year return of Bitcoin or Ethereum (to be determined) will beat returns on the S&P 500, while another bet is on Netflix and Amazon stocks that will be better. in the period to 10 years compared with the S&P 500 general.

The $ 1 million bets essentially act as a public demo for what smart contracts are and what they can be programmed to do — which may have been Cuban’s aim all along.

Mallouk agrees to bet on both. Cuban said that he would deposit the DAI into a smart contract and do profit farming to receive the rewards, and suggested Mallouk could advise the terms of his stablecoin. Ultimately, both participants intend to donate their potential winnings to charity. By insisting on using smart contracts to dominate betting, Cuban is in some way proving the value of such blockchain platforms.

Decentralized smart contracts platform UMA has jumped into the fray, tweeting that it is contracting both bets on if uban and Mallouk want to hold bets there. UMA has proposed smart contracts with tokens that anyone can trade and participate in, potentially allowing others wanting to bet. Cuban responded to one of UMA’s tweets about the proposal, but details appear incomplete.

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