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Mark Cuban says he supports Ethereum ‘Merge’

Shark tank star and billionaire investor Mark Cuban has always been vocal about cryptocurrencies. In a recent interview with Fortune, “Shark Tank” star Mark Cuban expressed that he would remain “very bullish” on Ethereum, the second-largest crypto by market value.

As previously reported by Cryptoshrypto, the Ethereum “Merge” is expected to occur on September 6. On this date, Ethereum will switch from a proof-of-work to a proof-of-stake consensus method. Proof of stake uses a network of validators as opposed to proof of work, which relies on energy-intensive miners to create new blocks and verify transactions. After the Merge, Ethereum mining will be virtually terminated, and its overall energy usage will be reduced by 99.9%. Perhaps for this reason, Cuban stated that the switch was a good thing.  However, he added,

“But it’s long term. I don’t [know] if and when it goes up.”

The billionaire has hesitated to make any definite price projections because he does not know how the crypto’s price would react to the upgrade in the immediate future. Cuban thinks there will be enough apps to encourage users to join the second-largest network.

For quite some time, the “Shark Tank” star has been a supporter of Ethereum. Last November, he went so far as to call himself an “Ethereum mega” to emphasise his preference for the Bitcoin rival. Because of its functionality, Cuban thinks Ethereum has the advantage. According to DefiLlama data, Ethereum continues to account for 58% of total value locked (TVL) in the crypto market.

According to Coinmarketcap, Ethereum’s price is $1,665.02 with a 24-hour trading volume of $15,766,335,230. Ethereum’s price has decreased by 1.78% in the last 24 hours.

Read more at Cryptoshrypto:

Ethereum Foundation reveals final date of Merge

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