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Home Latest News Bitcoin Mark Cuban’s opinion of Bitcoin has changed dramatically

Mark Cuban’s opinion of Bitcoin has changed dramatically

The owner of the Dallas Mavericks once said he would "rather have bananas than bitcoin." But it seems like the tech billionaire now sees merit in the value narrative digital store of Bitcoin based on his new blog post.

Cuban joins the rising list of high-profile figures who have changed their perspective on Bitcoin. He never went so far as to call the leading cryptocurrency fraudulent or “worse than tulip bulbs,” à la Jamie Dimon.

 According to cryptoslate.com, Cuban went on to claim that spending up to 10% of investments in high-risk assets, such as cryptocurrencies, is fine. But he added that the loss of money should be considered by someone who does so. 

More recently, Bitcoin was claimed to be a “value store,” but he likened it to a religion. As opposed to it being helpful or inherently beneficial in solving problems. “My thoughts haven’t changed. It’s a store of value like gold that is more religion than a solution to any problem.” 

In his most recent blog post, Cuban reminisces about collecting stamps when he was younger. As a kid, the reader gets to glimpse the Cuban entrepreneurial spirit, as he explains taking advantage of price inefficiencies among stamp dealers.

 He found that collectibles functioned as value stores because they demanded physical ownership as evidence of life and proof of scarcity. He acknowledges, however, that today, in 2021, the digital concept turns this observation entirely on its head. “But something changed over the past 3 years, (Crypto enthusiasts will tell a different story saying this has been going on since 2009). The blockchain has evolved to support smart contracts and the ability to uniquely identify digital goods and the transactions associated with them.” 

Cuban added that even though they lack physicality, digital goods, such as Bitcoin and Ethereum, will define availability or scarcity. This is connected to a decentralized blockchain and is owned by no one, allowing cryptocurrency a legitimate value store. 

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