Bitcoin is now beyond its former high of $20,000 but billionaire tech entrepreneur, “shark” investor, and owner of the Dallas Mavericks Mark Cuban, still won’t change his stance on the cryptocurrency.
In the past, he’s said he’d “rather have bananas” than BTC, and now, he is doubling down on his skepticism claiming that Bitcoin is more “religion” than “solution” anyone needs. Is one of the brightest minds in tech and investing this wrong about cryptocurrencies, or is there a hidden message in Cuban’s quotes that investors in the emerging asset class should be wary of?
Mark Cuban Isn’t Bananas Over Bitcoin, Skepticism Unscathed
A year ago when Bitcoin was back at highs above $10,000 around mid-year, Mark Cuban answered questions on Twitter, and one of them was about the first-ever cryptocurrency.
Cuban’s replied that he’d much rather have bananas over Bitcoin, because “a banana has more utility, [and] potassium, is a valuable nutrient to every person on the planet.”
It isn’t the first time Cuban commented negatively about the crypto asset, and his “shark” investor counterparts like Kevin O’Leary are also concerned critics.
Related Reading | Mark Cuban’s $4,000 Trickle Up Stimulus Could Provide Boost For Crypto
Recently, at the start of the month, Forbes asked Cuban his thoughts once again, and called cryptocurrency “fans” a “religion.”
“No matter how much [bitcoin] fans want to pretend that it’s a hedge against doomsday scenarios, it is not,” Cuban revealed to Forbes. “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.”
Timeline: US government threats to Bitcoin have undoubtedly had an impact | Source: BTCUSD on TradingView.com
Church Versus State: A Showdown For Control Over Cryptocurrency Could Be Coming
The risk of government intervention Cuban is warning of, could be right around the corner. When Bitcoin was at $20,000 three years ago, the US government agreed to launch BTC Futures trading in an effort to “tame Bitcoin.”