Mark Cuban, the renowned billionaire investor, has stated that he does not envision Bitcoin being used a reliable currency. The Shark Tank star stated that there was “No chance” that Bitcoin could become a mainstream currency for use in daily life.
While explaining his position Cuban stated that Bitcoin has several challenges that may hinder its widespread usage. He said
Not because it can’t work technically, although there are challenges, it could, but rather because it’s too difficult to use, too easy to hack, way too easy to lose, too hard to understand, too hard to assess a value.
These recent comments are not the first time that the outspoken billionaire has expressed his scepticism for Bitcoin and cryptocurrencies.
Cuban had earlier voiced his dislike for Bitcoin during a YouTube Q&A session for tech magazine Wired back in October. When asked why he “hates” Bitcoin he responded that it was because Bitcoin has no intrinsic value. He further added that as a matter of fact he preferred bananas and baseball card over the digital currency.
Bitcoin–there’s even less you can do with it: at least I can look at my baseball card … I’d rather have bananas [than bitcoin], I can eat bananas.
In light of these comments, one would be forgiven for thinking that Cuban would not dare touch Bitcoin even with a ten foot pole. However, in a curious plot twist, it is baffling to learn that Cuban’s own NBA team, the Dallas Mavericks accepts Bitcoin as a payment option.
It seems like Cuban’s strong aversion is not stopping him from taking Bitcoin from his team’s fans.
It is even more surprising that the team had set up Bitcoin payments 5 years ago but stopped as people were not willing to use the cryptocurrency back then. The payment option was reinstated in August 2019 to facilitate game tickets and merchandise purchases. In response to the move Cuban stated that the team
Decided to offer it again because the gateways became simpler, and if we have a customer that wants to buy with it, I’ll take bitcoin or bananas
Cuban is not the first prominent person to criticize Bitcoin. Warren Buffett, Jamie Dimon and even President Donald Trump have previously voiced their disdain for the digital asset.
Several other key figures in the financial and tech world are also continuously pushing the ‘blockchain not bitcoin/cryptocurrency’ narrative.
Interestingly, despite their negative views about Bitcoin, people like Cuban, Dimon and their companies are pursuing opportunities on the sector.
So as they say; watch what they do, not what they say.