Billionaire Mark Cuban believes Ethereum’s valuation has a potential to climb even higher.

CryptoCurrency Technology

Mark Cuban, a billionaire investor and developer, recently said that the price of Ethereum, the second-largest cryptocurrency by market capitalization, has a “chance to blow up” even more since “business apps based on ETH smart contracts are yet to really start to happen.”

As the price of Ethereum first exceeded $3,000, TheBlock’s director of news, Frank Chaparro, said that he questioned traders at the market’s largest over-the-counter (OTC)desks if they thought the surge might continue, and was informed that corporate treasuries “were ramping up allocations.”

When asked whether other blockchains that back smart contracts, such as Cardano and Polkadot, could have business apps built on top of them, Cuban said it’s “hard to keep up with all the various possibilities and there just aren’t many hedging strategies for some.”

The billionaire also mentioned that layer-two scaling solutions would be essential. It’s worth noting that the price of Ethereum has been greatly outperforming bitcoin. BTC’s price has fallen nearly 6% in the last 30 days, while ETH’s price has increased by over 89 percent.

Cuban announced last month that he has “a lot of Ethereum” and wished he “had purchased it earlier,” according to The Sun Dispatch. In an interview, he said that he began purchasing bitcoin four years ago “simply because I believe it is the closest thing we have to a real currency.”

This year, according to the owner of the Dallas Mavericks and host of the widely influential reality show “Shark Tank,” bitcoin would “replace gold in the portfolios of a lot of people.”

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