In the global financial ecosystem, cryptocurrencies especially Bitcoin has evolved as a lucrative yet controversial element that has brought the biggest names of the industry running after it. While Facebook’s leader Mark Zuckerberg is ready to replace Bitcoin with his stablecoin Libra, Jack Dorsey of Twitter wants to popularize it through his network. Bitcoin and its controversies have always grabbed the attention of crypto enthusiasts and investors.
Recently, Cuban created a lot of noise in the virtual currency domain through his statement which stated that he would “rather have bananas than bitcoin”. By saying so the biggie financial genius has given a warning to the crypto investors by highlighting that the digital tokens do not have an inherent value attached to them.
Cuban was addressing a YouTube Q&A session for tech magazine Wired when he shared his views on cryptocurrencies and Bitcoin. In an interesting manner, he compared Bitcoin with bananas and baseball cards. He stated that he finds bananas and baseball cards more useful than Bitcoin.
When asked about the reason behind his hate towards digital currency, Cuban gave an unexpected reply stating that “[Baseball cards, art work, and comic books have] no real intrinsic value, you can’t eat a baseball card.” He added that “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.”
Earlier, when Mark Zuckerberg announced the news about the launch of his Libra project, Cuban criticized the idea of Bitcoin’s rival currency by addressing it as “dangerous.” During his Q&A session, he blamed the complex algorithm of Bitcoin and crypto for restraining the mainstream adoption of the new-age currency.
He raised questions saying
Crypto is so complicated for 99% of the population. Do you put it in a device, do you print it out, how do you keep from being hacked, who’s going to host it for you?
Cuban stated that he is not against cryptocurrencies but considers them to be nothing more than “stored value.”
He concluded by saying that
I say it’s like gold. Gold is a religion: people who are really into gold—they’ll tell you that there’s a bad depression and things go to hell in a handbasket, if you own gold then you’ll be okay. No, you won’t!
In 1999, Mark Cuban sold Braodcast.com to Yahoo for $5.7 billion. Today he is the owner of NBA’s Dallas Mavericks. He gained a name as one of the main shark investors on reality series, Shark Tank.