On December 8, Mark Cuban offered an interview to Forbes where he assured that crypto investors should abandon the idea that Bitcoin (BTC) is the solution.
Throughout 2020 Bitcoin has managed to conquer the hearts of more than one traditional investor. However, it is impossible for everyone to like you and it doesn’t have to be that way.
Mark Cuban is one of those traditional investors who does not believe in the potential of Bitcoin and that was precisely what he emphasized during his interview with Forbes.
“My thoughts have not changed,” he said. Recall that that was on December 8, several days before the most recent rally of the crypto leader.
Bitcoin does not offer solutions
In this way, Cuban ensures that Bitcoin is “A store of value like gold that is more religion than a solution to any problem”. And thus it posits that it is impossible for Bitcoin, or any other cryptocurrency, to replace fiat or government-backed currency.
“No matter how much fans want to pretend it’s a hedge against doomsday scenarios, it’s not“Said Cuban.
Furthermore, he added that “Countries will take steps to protect their currencies and their ability to tax, so the more people believe this is more than just a store of value, the greater risk of government intervention they face.”
Likewise, Cuban does think that Bitcoin is like gold in the sense of being a store of value and, therefore, stated that “as long as people accept Bitcoin as a digital version of gold, it is an invertible asset.”
But beware! When Cuban refers to Bitcoin as an invertible asset, it does not mean that it is a safe bet. Let’s remember that, at the time, Mark Cuban assured that he would prefer to invest in bananas than in Bitcoin.
The interesting thing is that Mark Cuban has dabbled in the crypto world; in fact, in 2019 it claimed to have USD 130 invested in Bitcoin. However, it is not known if he still maintains them.
“A banana is more useful, potassium is a valuable nutrient for all people on the planet,” said Cuban. According to the billionaire, he will only change his mind when BTC is so easy to use that it would be a no-brainer.
We want to know your opinion! Do you agree with Mark Cuban’s perspective? Why?