Mark Cuban on why DeFi will disrupt banks: 'Some industries are change adverse'

Mark Cuban, owner of the Dallas Mavericks looks on prior to the start of the game against the New York Knicks at Madison Square Garden on November 14, 2019 in New York City.Billionaire investor Mark Cuban is bullish on the growth ofTo him, the "foundational DeFi benefit is that it simplifies borrowing for personal purposes," Cuban"It's a hassle to borrow money from a bank," he said. "And [DeFi] allows anyone with funds to be a lender as well.

As Cuban mentions, through DeFi lending, users can lend out cryptocurrency, like a traditional bank does with fiat currency, andas a lender. The barrier to entry to borrow is low compared with that of a traditional system. In most cases, the only requirement to take out a DeFi loan is the ability to provide collateral with other crypto assets.

"[B]usinesses, decentralized or otherwise, tend to benefit when they offer customers the path of least resistance to get what they want and/or need," Cuban said. "DeFi is not monolithic. It's competitive. It will evolve to meet customer needs." Cuban admits DeFi won't "automatically end banking" because "banks aren't stupid," but he predicts DeFi applications will still disrupt the traditional space. "Like [how] fintech picked off features that opened doors to apps that garnered millions of customers, I think DeFi will evolve the same way," he said.

"Some industries are change adverse. It's the innovator's dilemma. Banks could have simplified/automated to the point that DeFi wasn't needed. They didn't. They are so stuck in legacy [operations] they are disrupted by simple fintech," Cuban continued.

MakeIt The next generation of crypto millionaires are being made right now. In the next 5 years, the monetary policy of the world would have evolved to accommodate crypto. I encourage everyone to have a crypto wallet and learn trading.

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