Mark Cuban: Bitcoin ‚is more of a religion than a real solution to a problem‘
Noted billionaire Mark Cuban doesn’t consider BTC a reliable asset: „A banana has more utility, potassium is a valuable nutrient for every person on the planet.“
Mark Cuban, a billionaire known in the crypto community for claiming that bananas are a better medium of exchange than Bitcoin, reiterated his negative opinion of the asset, claiming that it is more like a collectible than a true financial instrument.
The year 2020 has been an incredible year for Bitcoin (BTC) adoption. The likes of MicroStrategy and Grayscale have significantly increased their holdings in cryptocurrencies – even staunch supporters of traditional finance, such as CNBC’s Jim Cramer, have changed their minds about owning digital assets. Nevertheless, Bitcoin continues to have its detractors.
In a recent interview with Forbes, Mark Cuban stated that crypto users should not consider Bitcoin „a hedge against doomsday scenarios.“ In his opinion, the asset is unlikely to replace cash in the near future:
„Bitcoin is a store of value like gold, which is more of a religion than a real solution to a problem. Countries will take measures to protect their currencies and their ability to tax the population. Therefore, the more people start to believe that this thing is more than just a store of value, the greater the risk of government intervention.“
Cuban made these comments when the price of Crypto Bull Bitcoin was below $19,000. Since then, the asset has reached new all-time highs, managing to break through the $20,000 wall: it currently hovers around $23,000.
According to the billionaire, physical assets like bananas offer more benefits than Bitcoin. Nonetheless, he admitted that it is an „investable asset.“
„A banana has more utility, potassium is a valuable nutrient for every person on the planet. But as long as people accept Bitcoin as the digital version of gold, you can invest in it.“
Mark Cuban has an estimated net worth of $4.2 billion. In August 2019, he disclosed that he owned only $130 in Bitcoin.