Mark Cuba has always been the most practical and outspoken billionaire in technology. As the prolific investor of early internet entrepreneur Shark Tank and owner of Dallas Mavericks, he saw multiple hype cycles go back and forth. He was an early advocate of Crypto's potential, but remains an acute critic of its excess.
Now, with twins of artificial intelligence and cryptocurrency dominating the conversation, we asked the Cubans to weigh them.
This conversation is lightly formatted for clarity. All quotes appear exactly as Cuba gave them.
The big picture: AI vs Crypto
Gizmod: Invested in both AI and Crypto. Which do you think will have a deeper impact on society, and which will bring more value to ordinary people?
Mark Cuba:ai. It's not nearby either.
AI: The Real Revolution
Gizmod: With AI, how has traditional offices changed over the next five years as AI can now handle scheduling, admins, copywriting and even administrative tasks?
Mark Cuba: More than you've seen with technology before. I think AI will provide a superpower not only for businesses but also for employees who are willing to learn how to use it. You can bring in the latest employees, and with curiosity and effort, you can achieve just as much as long-term employees who do not use AI.
Gizmod: What kind of jobs and roles do you think will disappear if they completely disappear in the next wave of AI adoption?
Mark Cuba: If the job has binary tasks, these tasks will no longer be performed. AI. But if you are creative and can find new ways to use AI to improve productivity and profitability for your work and company, you can always be hired.
[Editor’s note: Binary tasks include things like filling out forms, processing documents, basic customer service, or data entry jobs that follow clear if-then logic.]
In Crypto: Still waiting for use cases
Gizmod: Do you think Crypto, especially Bitcoin and Stablecoins, have a “iPhone moment”? If not, what are you still missing?
Mark Cuba:no. It's not even nearby. The iPhone App Store now uses the app for everyone and uses it for whatever it can. Grandparents asked about how to download Facebook and Instagram to share photos. Have you asked your grandparents to help you download your wallet?
[Ed. note: A crypto “wallet” is a software program or physical device that allows users to store and manage their cryptocurrencies. Unlike mainstream apps, they have not yet been widely adopted by the general public.]
Gizmod: We've talked in the past about how utilities are more important than Crypto's hype. What are the most promising use cases you are looking at right now?
Mark Cuba: Honestly, I was hoping that smart contracts on Ethereum, polygons and other platforms would lead to applications that have become mainstream by now. It's not nearby either. [Ed. note: Smart contracts are bits of code that automatically execute transactions. They power decentralized finance, NFTs, and more.]
There are books and textbooks like book.io, dclimate for climate data, and other apps I'm still involved in. A way to combat AI deepfakes and other scams is to save videos and photos to a chain. I think that might make an impact.
But in general, Crypto doesn't have an Instagram moment yet.
Gizmod: Is the US government ahead or behind in shaping Crypto as a financial infrastructure?
Mark Cuba: I think we are late. It's not about digital financial infrastructure, it's about allowing non-cryptic users the type of transaction that raises questions about the stability and legality of cryptographic information.
Memecoin is an example. There is no utility. This is a collectible where every transaction is presented as a game of music chairs with no fees, gambling, or rules.
The other is when the code is loaned out. There is no law I know that collateral must be introduced, unlike when the stock is being loaned out. This is why FTX didn't collapse in Japan. They have collateral and refrigeration methods. If the same thing happened in this country, the code would be much more reliable. Both raise observers who may be considering using Crypto to question its feasibility.
[Ed. note: Following the collapse of the crypto exchange FTX in 2022, its Japanese subsidiary was able to make customers whole because Japanese law required customer assets to be held in separate, fully collateralized accounts.]
Cryptography: Current reality
Gizmod: Are we currently struggling with the crypto bubble or is this just what widespread adoption looks like?
Mark Cuba: I think BTC took all the lightning. It's a worthwhile store and we don't expect it to create a utility. All other chains basically do the same thing in some way, just like the rest, differentiating them by function, function and speed. They fight it and lock up as many uses as possible. But in reality, there are too many chains.
Gizmod: How do you see the rise of Bitcoin finance companies like MicroStrategy? Are they early visionaries or are they overexposed?
Mark Cuba: As long as there is a long-term horizon, it's fine. Most companies cannot afford to put their liquid assets aside for long periods of time. They need money. But if you look long-term, it's definitely a strategy worth considering.
[Ed. note: MicroStrategy is a software company turned bitcoin holding vehicle that now owns several billions of dollars worth of bitcoin.]
Gizmod:Stablecoins are used for large real-world transactions. Do you think they will become the core financial rail of the Internet economy, or are there any restrictions?
Mark Cuba: I think they are in a position to continue growing. If you trade globally in dollars, it is certainly a cheaper and faster option.
[Ed. note: Stablecoins like USDC or USDT are cryptocurrencies pegged to the U.S. dollar. They are used for fast global payments without banks or currency conversions.]
Gizmod: Are we heading towards a future where the treasury of companies holds Bitcoin or Stubcoin on a daily basis?
Mark Cuba: yes. absolutely. You may also see JPMorgan using Stablecoins. I think that will be a more effective way to transfer money. You need to make sure there are enough regulations so that scams and hacks aren't easy to influence.
