A longtime cryptocurrency advocate and billionaire entrepreneur Mark Cuban said that the COVID pandemic proved just how immaterial traditional financial institutions are.
Last week, Cuban said that the people in need of money got it the slowest. Mentioning barriers to receiving and cashing stimulus checks during the pandemic, transaction costs, the number of days banks require to clear checks and the cost to make money, he added shifting to crypto is a no-brainer.
He continued that if everybody owned a digital bank account, without or with digital coins, whenever there was a stimulus, the money would just go like that, straightaway from the Treasury to the bank account.
A virtual or digital currency, cryptocurrency can be used to purchase goods and services. But, it is secured by cryptograph that makes it almost impossible to double-spend or counterfeit.
During the pandemic, several Americans struggled to get access to their stimulus checks, including social security beneficiaries and veterans.
In 2021, cryptocurrencies have surged with ether up 380%, bitcoin up 95% year-to-date, and dogecoin reaching 13,000%.
Cuban isn’t the only celebrity advocating digital currency. Elon Musk, Tesla CEO has long been an enthusiast. In February, his firm purchased bitcoin worth $1.5 billion. Further, the company said that it would soon accept the cryptocurrency to buy vehicles. Besides, Kiss singer Gene Simmons and rapper Snoop Dogg have also jumped on the bandwagon.