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During a conversation with Forbes, the billionaire owner of the NBA team Dallas Mavericks Mark Cuban expressed his concerns about this new class of digital assets and why he believes Bitcoin(BTC)trade and crypto at large wouldn’t make it as the generally accepted form of payment in the coming years.
“Not because it can’t work technically, although there are challenges, it could,” Cuban explains, “but rather because it’s too difficult to use, too easy to hack, way too easy to lose, too hard to understand, too hard to assess a value.”
Outlining the above concerns, Cuban gave a resounding “no chance” to Bitcoin becoming a reliable currency. This isn’t the first time the famous entrepreneur is making a stand against Bitcoin. Besides calling it a bubble in 2017, Cuban has also participated in a Q&A YouTube video to expound on why he believes this digital ‘bubble’ wouldn’t stay long in the market, and stated that instead of Bitcoin he would rather “have bananas.”
Conflicted About Crypto?
Like me, I guess you may want to know how he is so anti-crypto yet his company happens to be one of the growing number of crypto-friendly companies out there.
Well, sheath your sword. In his message to Forbes, Cuban was able to place his interest and beliefs differently from that of the company. Yes, he doesn’t believe in Bitcoin as a currency but some of his clients look at virtual assets as a true store of value (SOV).
A wise businessman provides his client with the utmost satisfaction, irrespective of his own personal opinions. So, yeah, the company will happily provide you with the option to pay with Bitcoin – if it is what you want – but it by no means reflect the stand of the people in the firm.
“…We decided to offer it again because the gateways became simpler and if we have a customer that wants to buy with it, I’ll take bitcoin or bananas. My job is to make it easy for our customers to do business with us.”
Can Bitcoin Become a Reliable Currency in the Future?
As simple as that question may sound, it has attracted a boatload of answers over the years. Of course, there are two categories – yes and no – with different reasons for each answers.
Crypto critic such as Mark Cuban, Warren Buffett and even President Donald Trump would, by their own admissions, reply with a resounding no. As a matter of fact, Buffett once called Bitcoin a delusion, and let’s not leave out his remark that Bitcoin is “probably rat poison squared.”
Yet, crypto enthusiasts will give you a full run of a thousand reasons why crypto would replace fiat currencies in a few years.
All in, we would like to know your take on the matter. Do you see Bitcoin becoming a reliable currency in the future?