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Billionaire Mark Cuban says Bitcoin is ‘more religion than solution’

Billionaire Mark Cuban, who once said that bananas are a better medium of exchange than Bitcoin, has doubled down on his view that the asset is more like a collectible than a reliable financial instrument.

According to Cointelegraph, 2020 has been an important year in terms of institutional Bitcoin (BTC) adoption. Companies such as MicroStrategy and Grayscale particularly increased their crypto holdings, while those associated with traditional finance such as CNBC’s Jim Cramer, found themselves changing their tune when it comes to crypto ownership.

In a Forbes interview conducted on Dec. 08, Dallas Mavericks owner Mark Cuban stated that crypto users should not look to Bitcoin as “a hedge against doomsday scenarios.” He also thinks that the crypto asset is unlikely to replace fiat currency anytime soon.

Cuban stated:

“[Bitcoin is] a store of value like gold that is more religion than solution to any problem. Countries will take steps to protect their currencies and their ability to tax, so the more people believe this is anything more than a store of value, the more risk of government intervention they face.”

Cuban claimed commodities like bananas offered more advantages than Bitcoin, but still recognized it as an “investable asset”:

“A banana has more utility, potassium is a valuable nutrient to every person on the planet, but as long as people accept BTC as a digital version of gold, it’s investable.”

Mark Cuban has an estimated net worth of $4.2 billion. He claimed to own nearly $130 in Bitcoin as of August 2019 from the franchise’s merchandise and ticket purchases.

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