During the last few years, Bitcoin (BTC) expanded in the market as a cryptocurrency that could be easily exchanged and transacted. Moreover, many investors believed that this was a new asset class, and enthusiasts considered it a currency that could be used to perform daily purchases. However, Mark Cuban considers that Bitcoin may never become a reliable currency.
Mark Cuban’s Views On Bitcoin
In a recent conversation with journalist Benjamin Pirus, Mark Cuban talks about how Bitcoin has ‘no chance’ of becoming a reliable currency in the future. The main issue is related is to the fact that it is too difficult to be used rather than having some technical issues that would affect its usability.
At the same time, Cuban mentioned it is difficult to understand and to give to it a value. Cuban’s comments show Bitcoin has several challenges that it will have to face if it wants to prove it is a reliable currency to use while traveling or to move money massively across borders. Although there is a large number of individuals using Bitcoin, the market remains small and it has yet a lot of space to expand.
Furthermore, Cuban said that it would require a lot of work to explain to people why Bitcoin is better than other cryptocurrencies considering there are thousands of digital assets on the market. Many of these cryptocurrencies claim to be Bitcoin’s competitor and replacement but until now it has been impossible for other cryptocurrencies to surpass Bitcoin’s market cap.
Cuban has also compared Bitcoin to other collectibles and how Bitcoin could be used as art or even gold.
In addition to it, Cuban is the owner of NBA’s Dallas Mavericks. The team is currently accepting Bitcoin as a means of payment for tickets and merchandise, which shows Cuban’s criticism on Bitcoin didn’t stop the Dallas Mavericks from accepting cryptocurrencies as a means of payment.
This is not the first time that an expert that considers Bitcoin is not a currency and may never become one. Jamie Dimon, the CEO of JPMorgan, claimed that Bitcoin was a fraud and it was eventually going to fail.