Mark Cuban has made a fortune by investing in innovative technologies, but this doesn’t mean he loves everything new that comes along. Case in point is cryptocurrency as the billionaire has made his disdain of virtual currencies clear. In an interview with Forbes, he said there is “no chance” that Bitcoin will ever be used as a reliable form of money.Not a FanForbes asked the Shark Tank star if he ever envisioned a future scenario where BTC would be used in a standard, everyday manner. He said he did not due to challenges facing the world’s foremost cryptocurrency.He said that Bitcoin is “too difficult to use, too easy to hack, way too easy to lose, too hard to understand, too hard to assess value.” Cuban went on to say that it is “too much work” for ordinary people to understand why they
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Mark Cuban has made a fortune by investing in innovative technologies, but this doesn’t mean he loves everything new that comes along. Case in point is cryptocurrency as the billionaire has made his disdain of virtual currencies clear. In an interview with Forbes, he said there is “no chance” that Bitcoin will ever be used as a reliable form of money.
Not a Fan
Forbes asked the Shark Tank star if he ever envisioned a future scenario where BTC would be used in a standard, everyday manner. He said he did not due to challenges facing the world’s foremost cryptocurrency.
He said that Bitcoin is “too difficult to use, too easy to hack, way too easy to lose, too hard to understand, too hard to assess value.” Cuban went on to say that it is “too much work” for ordinary people to understand why they should use BTC over all the other cryptocurrencies existing in the ecosystem.
This is just the latest dismissal of Bitcoin by Mark Cuban. Back in October, he said that BTC had less use than baseball cards and bananas. He told Wired:
“Bitcoin–there’s even less you can do with it: at least I can look at my baseball card … I’d rather have bananas [than bitcoin], I can eat bananas.”
In the Wired interview, he also brought up the challenges facing BTC adoption as well. He said:
“Crypto is so complicated for 99% of the population. Do you put in in a device, do you print it out, how do you keep from being hacked, who’s going to host it for you?”
Dallas Mavericks Accept Bitcoin
In a curious twist, Mark Cuban’s disdain towards Bitcoin has not stopped him from accepting it as a payment option for his NBA team, the Dallas Mavericks. The team started accepting BTC five years ago but stopped as nobody was paying with the cryptocurrency.
The Mavericks began accepting Bitcoin again in August 2019 for game tickets and merchandise. Cuban says that the team “decided to offer it again because the gateways became simpler, and if we have a customer that wants to buy with it, I’ll take bitcoin or bananas.”
Like many other figures in the financial world, Mark Cuban is enthusiastic about blockchain but not cryptocurrency. However, it seems that he is not letting his negative view of virtual currencies deter him from taking BTC as payment.
Featured image courtesy of CNBC