Bitcoin has a lot of problems. While the price of the world’s largest cryptocurrency has doubled in the past 12 months, adoption has stalled and regulators are circling.
According to tech billionaire Mark Cuban, Bitcoin is “too difficult to use, too easy to hack, too easy to lose, too difficult to understand. [and] too difficult to assess a value. “
But Cuban has warned that, despite all these things, Bitcoin could still be successful if only it could overcome one serious hurdle – get people to actually use it.
Tech entrepreneur Mark Cuban is an outspoken critic of Bitcoin and cryptocurrency.
“You don’t have to convince me,” Cuban said on Twitter. “You have to convince your neighbors. If they don’t see any value, that is the problem you need to solve. I am not against it [bitcoin]. I understand every argument that is made. The world is littered with great products [and] Services that have failed due to a lack of consumers. “
Bitcoin price remained stuck in a downtrend in the second half of 2019, although it is expected to end the year twice as it started.
Rumors that some of the world’s largest tech companies are on the verge of entering the bitcoin and crypto space fueled the bitcoin market earlier this year, but social media giant Facebook’s plans for its own digital currency, from which some world leaders fear could eventually undermine the dominance of the US dollar, prompting regulators to question the technology.
However, regulators have so far agreed with Cuban that Bitcoin and cryptocurrencies could eventually become a threat to the established system, but are still a long way off today.
“[Bitcoin] is available almost free of charge in this country and many other countries, “added Cuban.” The percentage of consumers who choose it as a payment method or [store of value] is infinitely small. It’s almost free and few want to use it. [The Dallas Mavericks] started taking bitcoin in 2015 and last year for a total of five [transactions]. “
It could be that things will change. Twitter boss Jack Dorsey recently announced that he plans to spend time in Africa next year, where he will work with local bitcoin and crypto companies to grow the industry.
Elsewhere, surveys have shown that younger generations are far more likely than others to view Bitcoin and crypto as the future of money.
This week it was reported that a publicly tradable Bitcoin and cryptocurrency investment vehicle is among the top five millennial holdings alongside tech giants Amazon, Apple, Tesla and Facebook – and ahead of investor favorites Netflix and Microsoft.
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Earlier this year, Cuban, who sold Broadcast.com to Yahoo! for $ 5.7 billion in 1999, made headlines when he said he had “more bananas than bitcoin” and warned potential bitcoin and cryptocurrency investors that digital tokens “have no intrinsic value to have”. “
Cuban, who has become known in the US for his stake in the NBA’s Dallas Mavericks and as one of the most important “shark” investors for the reality TV series Shark Tank, previously announced the decision of the Facebook founder and – Founding boss Mark Zuckerberg criticizes a cryptocurrency that can compete with Bitcoin, which suggests a global currency like Facebook’s planned Libra could be “dangerous”.