Billionaire and owner of basketball club Dallas Mavericks Mark Cuban is always in for a provocative statement. In a funny segment of WIRED he examines cryptocurrencys and ICOs.
Cuban starts well right away, he says that cryptocurrency, and especially bitcoin, is only worth what the fool pays for it.
He then compared bitcoin to collectibles such as baseball cards, art and comic books. “There is no real intrinsic value, you cannot eat a baseball card. You can hang art on the wall, and that may look nice, but you can’t do much with it ”.
“With bitcoin you can do even less, with a baseball card I can at least look at the illustration”.
He expects the adoption and application of cryptocurrencys to take a while. This is due to the complexity:
“Crypto … is too complicated for 99 percent of the population. Do you put it in a device? Do you have to print it? How do you prevent crypto from being hacked? Who will host it for you? It is just too difficult, it is only worth what people want to pay for it. “
Cuban must have never heard of BLOX. The free app for Android and iPhone that keeps bitcoin and all other cryptocurrency simple.
He also addressed gold:
“Gold is like a religion, people who love gold say that with a bad economy, you better own gold. Then everything will be alright. But you carry a gold bar so someone can knock you out and steal your gold. I prefer bananas, you can eat them. Not Crypto. “
He somewhat nuances his words: “I am not against crypto. You just have to be very careful. In the best case, it is a store of value.
He also says that bananas are a bad example. They are rotten. But he does stand by his statements, even though they were meant to be funny.
“Cryptocurrency’s are a way to save value, but not currency or fiat money. If you can find enough people who want to buy crypto from you, the value goes up. And vice versa”.
A salient detail is that his basketball team Dallas Mavericks recently accepted bitcoin as a payment method.
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