„No matter how much BTC fans want to pretend it’s a protection against the end of the world scenario, it’s not.
Mark Cuban, the billionaire who once said that bananas are a better means of exchange than Bitcoin, doubled his opinion that the asset is more of a collector’s item than a reliable financial instrument.
2020 was a great year in terms of institutional adoption of Bitcoin (BTC). Companies like MicroStrategy and Grayscale significantly increased their holdings of cryptomoeda, while those associated with traditional finance (like Jim Cramer of CNBC) changed their minds when it came to cryptomoeda ownership. Even so, the asset has its detractors.
In an interview with Forbes on December 8, Dallas Mavericks owner Mark Cuban said cryptomote users should not look to Bitcoin Revival as „a protection against doomsday scenarios. He also believes it is unlikely that the crypto asset will replace the fiduciary currencies any time soon.
„[Bitcoin is] a reserve of value like gold, which is more religion than a solution to any problem,“ Cuban said. „Countries will take steps to protect their currencies and their ability to tax, so the more people who believe this is more than a reserve of value, the greater the risk of government intervention.“
Cuban’s comments came when the price of Bitcoin was below $19,000. Since then, the asset has reached new highs, rising above $20,000 for the first time in history and being traded above $23,000 at the time of publication.
The billionaire said that commodities like bananas offered more benefits than Bitcoin, but still recognized it as an „investment asset:
„A banana is more useful, potassium is a valuable nutrient for everyone on the planet, but as long as people accept BTC as a digital version of gold, it can be an investment.
Mark Cuban has an estimated net worth of US$4.2 billion. He claimed to own about US$130 in Bitcoin in August 2019 of franchise goods and ticket purchases. Given that the price of BTC was below $12,000 that month, Cuba’s crypto assets could easily double if he held BTC.