- Bitcoin is even less valuable than baseball cards and “worth what somebody will pay for it,” This is why BTC is like gold
- But he isn’t against cryptos and are “stored value,” while blockchain is far more valuable
Mark Cuban, owner of the National Basketball Association's Dallas Mavericks recently appeared on Wired to answer people's questions on Twitter.
One such question was from a crypto enthusiast who asked, “if you're really into providing the opportunity for people to grow their network, why they hate for crypto? I CEO is the new IPO?”
“Bitcoin is worth what somebody will pay for it,”
In his explanation, he compares Bitcoin with baseball cards or comic books and artwork in the manner they have no “real intrinsic value.”
“Do you ever see someone who collected baseball cards and they were really proud of their baseball cards because they kept on saying they were going to go up in price.”
Actually, according to him, Bitcoin has even less of a value than the baseball cards because at least the latter have their favorite player.
“Crypto is a key that is so complicated for 99% of the population. Do you put it in a device, do you print it out, how do you keep from being hacked? Who's gonna host it for you? It's just so difficult that it's only worth what somebody will pay for it.”
And this is why Bitcoin is like gold, he said.
“People who are really into gold they'll tell you that there's a bad depression and things
go to hell in a handbasket. If you own gold and you'll be okay. No, you won't.”
He would rather have bananas that he can eat while “crypto not so much.”
But he says he’s not against cryptocurrencies, it’s just that you “have to be very careful,” and “at best they’re stored value.”
However, he believes in the underlying technology blockchain.
“There's a lot of applications and they'll be used but you don't need public Bitcoin. You can create blockchain on your own without using all the available cryptocurrencies.”
Here is the full video: