Mark Cuban, an American billionaire, has recently expressed his happiness pertaining to the shift in Ethereum’s proof of work model to proof of stake. According to him, the apparent merge will remarkably reduce the protocol’s energy consumption, leading Ether into a deflationary asset. He is of the opinion that Ethereum’s shift to ETH 2.0 is likely to make the protocol less harmful to the environment.
A lot of investors and stakeholders from the crypto domain think likewise. They equally sponsor Cuban’s point of view that the upgrade will be helpful for Ethereum. He further states that the merger will lead to drastic reduction in the supply of coins. On the other hand, the process of minting new ETH will become slower.
Going by IntoTheBlock, a blockchain analytics company, the amount of ETH issued is likely to drop by 90 per cent after the merge. It would lead to reduction in Ether’s supply by as much as 5 per cent a year. Amid all this, Cuban admitted that he had assigned some of his wealth to ETH and several projects built on the Ethereum blockchain.
However, in the past, Cuban is known to have opposed the asset class. Nevertheless, for the time being, he is a staunch supporter of Ethereum. Not only this, he has been found praising bitcoin’s advantages. He even went on to say that bitcoin is better than gold.
