Mark Cuban’s Opinion on Cryptocurrency
It’s no secret what Mark Cuban thinks of Bitcoin and cryptocurrency, stating that he would “rather have bananas than bitcoin,” and saying that “I could eat bananas but bitcoin, not so much.”
In an interview by Wired, he was asked why he hated cryptocurrency, in which he responded with a comparison to items such as comic books and baseball cards where users think they will make money as the value goes up. He believes that there is no “intrinsic value” in these items such as Bitcoin and says that “at least you can see your baseball card and hold it, whereas crypto is a key that is so complicated for ninety-nine percent of the population. Do you put it in a device? Do you print it out? How do you keep it from being hacked? Who is going to host it for you?”
Although Cubans attitude towards cryptocurrency may seem obtuse, he isn’t against it as he just wants people to be careful when investing as the whole market is risky.
Cuban’s past shows him supporting blockchain technology as he invested in multiple businesses supporting the space. The esports betting platform and venture capital fund he invested in are both cryptocurrency-based, therefore backing claims that he isn’t totally against the technology. Not only has he invested in companies but in an interview with Bloomberg he told them that he had bought Bitcoin himself.
“If you’re a true adventurer and you really want to throw the Hail Mary, you might take 10% of your savings and put it in bitcoin or Ethereum. But, if you do that, you’ve got to pretend you’ve already lost your money.”
Although his views on Bitcoin may be controversial, it’s clear that Cuban does support cryptocurrency in some aspects, even if it’s just about making money and not backing the technology behind it.
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