Mark Cuban Calls California Plan to Digitize 42 Million Car Titles Using Blockchain 'Amazing Step Forward' for Crypto

The bitcoin price has surged to over its previous all-time high in recent months, topping $70,000 per bitcoin and sparking a wave of mega-bullish bitcoin price predictions

Mark Cuban has called a California plan to digitize 42 million car titles using blockchain “an amazing step forward” and “huge” for crypto.

California's Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, via a partnership with tech company Oxhead Alpha to build the application on avalanche blockchain and designed to detect fraud and streamline the title transfer process.

“This is an amazing step forward for crypto,” Cuban posted to X, joking that the U.S. Securities and Exchange Commission (SEC) chair Gary Gensler could sue the state as part of its hostility toward crypto and blockchain technology.

“The reason why this is huge for crypto is because the people holding the tokens will have an app with an avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet over the next five years, or however long it takes, normalizes the use of wallets and crypto.”

John Wu, president of avalanche developer Ava Labs, told Reuters that California's DMV is “creating a wallet where you download on your phone.”

“It will be integrated with the avalanche blockchain,” he added.

Sign up now for CryptoCodex—A free, daily newsletter for the crypto-curious

The bitcoin price has rebounded this year, sparking a wave of bullish bitcoin price predictions from ... [+] the likes of billionaire Mark Cuban.

Last month, Cuban predicted that if the U.S. dollar declines as the global reserve currency, bitcoin could become "a 'safe haven' globally" and a "global currency," potentially sending the bitcoin price sharply higher.

According to Cuban, bitcoin could become what its most ardent supporters "envision"—a means "to protect our savings ... It already happens in countries facing hyperinflation."

The bitcoin price has rocketed higher over the last year, largely due to the world's largest asset manager BlackRock leading a bitcoin assault on Wall Street.

The above is the detailed content of Mark Cuban Calls California Plan to Digitize 42 Million Car Titles Using Blockchain 'Amazing Step Forward' for Crypto. For more information, please follow other related articles on the PHP Chinese website!