The billionaire who as soon as stated that bananas are a greater medium of trade than Bitcoin is doubling down on his views that the crypto asset i
The billionaire who as soon as stated that bananas are a greater medium of trade than Bitcoin is doubling down on his views that the crypto asset is extra of a collectible reasonably than a dependable monetary asset.
In a Forbes interview carried out on Dec. 8, Dallas Mavericks proprietor Mark Cuban stated that crypto customers mustn’t look to Bitcoin (BTC) as “a hedge in opposition to doomsday situations.” He additionally believes that the crypto asset is unlikely to interchange fiat foreign money anytime quickly.
“[Bitcoin is] a retailer of worth like gold that’s extra faith than resolution to any drawback,” stated Cuban. “Nations will take steps to guard their currencies and their capacity to tax, so the extra individuals imagine that is something greater than a retailer of worth, the extra threat of presidency intervention they face.”
Cuban’s feedback got here when the value of Bitcoin was beneath $19,000. The asset has since reached new all-time highs, rising above $20,000 for the primary time in historical past and buying and selling above $23Okay at time of publication.
The billionaire claimed commodities like bananas provided extra advantages than Bitcoin, however nonetheless acknowledged it as an “investable asset”:
“A banana has extra utility, potassium is a priceless nutrient to each particular person on the planet, however so long as individuals settle for BTC as a digital model of gold, it’s investable.”
Mark Cuban has an estimated internet price of $4.2 billion. He claimed to personal roughly $130 in Bitcoin as of August 2019 from the franchise’s merchandise and ticket purchases. Given the BTC worth stayed beneath $12,000 that month, Cuban’s crypto property might simply have doubled if he HODLed.