“Bitcoin’s Got Nothing” if Governments Don’t Print So Much Money: Billionaire Mark Cuban
Billionaire Mark Cuban is not a fan of Bitcoin as he famously once said he would rather have bananas or baseball cards than bitcoin because bananas he could at least eat and they have intrinsic value.
He does have some sats though, about $130 worth of Bitcoin, which he has mentioned earlier as well was collected when his NBA team Dallas Mavericks started accepting BTC as a payment method a few years ago. In 2019, they used BitPay to process bitcoin payments for merchandise and game tickets.
He had also revealed that he bought some Bitcoin through a Swedish exchange and back in 2017, he also took part as an investor in the digital token sale of Unikrn esports betting platform.
But while he sees potential in the blockchain as a “great opportunity,” he remains as skeptical of cryptocurrencies as ever.
So, what would it take for Cuban to change his mind about bitcoin?
“It would have to be so easy to use it’s a no-brainer,” said the “Shark Tank” investor on “The Pomp Podcast” last week. “It would have to be completely friction-free and understandable by everybody first,” so that even a “grandma could do it.”
And then, “you could say it is an alternative to gold as a store of value,” he said.
Cuban said one has to be able to spend bitcoin because right now it needs to be converted and as long as it isn’t easier to use in payment transactions, “you’re still dependent on fiat. No matter what you say.”
Bitcoin has benefit, if everything goes into the sh—-r
Cuban’s fellow “Shark Tank” investor Robert Herjavec however, doesn’t feel the same way. “I’m a big believer in bitcoin, electronic payments in the future but I think we’re a long way away from that,” he said earlier this year.
And while Kevin O’Leary of ‘Shark Tank’ said Bitcoin is useless, he has also been an investor in a crypto company like Bundil and in an interview said: “Bitcoin is here to stay.”
Unlike Herjavec who isn’t a believer in gold and doesn’t see $100k per BTC as “crazy,” Cuban said on the podcast, “With gold, at least there’s gold coins – I could use gold bars as furniture. But with bitcoin, it’s virtual, and that’s its beauty and that’s its problem.”
And all the arguments and stands the host and bitcoin bull Anthony Pompliano had on Bitcoin according to Cuban “just proves the point that it’s difficult.”
Not only it can’t be spent on anything but halving and mining also makes it complicated to understand, she said.
However Cuban said,
“to bitcoin’s potential benefit, if everything goes into the sh—-r because we’re printing so much money and there’s global implications, bitcoin has something to deal with and if we don’t, bitcoin’s got nothing.”