Billionaire investor Mark Cuban is not a fan of Bitcoin and says he is “more likely to have bananas.”
Bitcoin price has lost around 16% since Kuban’s comments, while bananas are still about the same – which in some ways proves Cuba to be right.
Having previously described Bitcoin as “too difficult to understand”, Cuban has said that it would support Bitcoin if it was easier to use and if it could be spent without having to “convert” it to fiat currency.
Dallas Mavericks billionaire owner and billionaire Mark Cuban previously said he would rather have it … [+]
“[Bitcoin] would have to be so easy to use that it would be a breeze, “the Cuban told Morgan Creek Digital co-founder Anthony Pompliano on The Pomp Podcast last week when asked what would have to happen to get his opinion on Bitcoin change .
“You have to be able to spend [bitcoin]“Added Cuban. “Because at the moment you still have to convert it for anything you want. And as long as you have to rebuild it, you still have to rely on it [government-backed] fiat [currency]. “
Bitcoin adoption has not caught on in recent years, and many hope that Bitcoin’s epic bull run in 2017 would have resulted in widespread use of bitcoin and cryptocurrencies.
Rapid improvements in banking and financial technology, including apps and faster cross-border payments, caused the demand for an alternative like Bitcoin to fizzle out.
According to Cuban, in order to be competitive, Bitcoin must “first be completely smooth and understandable for everyone”. Simple enough that “Grandma could do it”.
Bitcoin, however, has been repositioned as a store of value and a potentially safe haven, with many Bitcoin and cryptocurrency advocates referring to it as “digital gold” – a comparison Cubans disagree with.
“When it comes to gold, there are at least 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, “Cuban said.
Bitcoin price has skyrocketed in recent years, but adoption hasn’t followed Bitcoin so far … [+]
Cubans previously dipped their toes into the world of Bitcoin and cryptocurrency and invested in several crypto companies including a digital token esports betting platform and a crypto venture capital fund, and experimenting with bitcoin payments for his basketball teame Dallas Mavericks with disappointing results.
“We started taking Bitcoin in 2015 and last year with a total of five transactions,” Cuban said via Twitter.
Cuban, who has made a name for himself as one of the key “shark” investors in the reality television series Shark Tank, has previously criticized Facebook founder Mark Zuckerberg’s decision to create a cryptocurrency that can compete with Bitcoinsuggesting a global currency like Facebook’s proposed Libra could be “dangerous”.
Cubans admitted, however, that the historic actions taken by the U.S. Treasury Department and the Federal Reserve in response to the coronavirus pandemic lockdown could give Bitcoin a purpose.
“To the potential benefit of Bitcoin, if everything goes well [wrong] Because we print so much money and there is a global impact, Bitcoin has something to do and if we don’t, Bitcoin has nothing, ”Cuban told Pompliano.