Mark Cuban reveals why 'bitcoin is more of a religion than the solution to any problem'

He stressed that the fullness of the interest of the asset would have the possibility of transferring to greater regulatory measures by the governments, whose purpose is to protect their currencies and have the ability to demand taxes.
Mark Cuban reveals why 'bitcoin is more of a religion than the solution to any problem'
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Entrepreneur Staff
3 min read
This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.

Mark Cuban, the American billionaire businessman and investor, affirmed his opinion about the cryptoasset, making it known that it is more of a collectible financial asset than a reliable one.

Despite the extraordinary rise in the price of bitcoin in 2020, the businessman and owner of the Dallas Mavericks basketball team said in a recent interview with Forbes that he has not changed his opinion that this financial tool will not be transformed into a reliable currency.

"My thoughts have not changed. It is a reserve of value like gold that is more religion than a solution to any problem," said the businessman.

In the same way, he underlined as "counterproductive" all the talk about bitcoin or any cryptocurrency being able to replace fiat currency. He also mentioned, “No matter how much bitcoin fans want to pretend it is a hedge against apocalyptic scenarios, it is not. Countries will take measures to protect their currencies and their ability to impose taxes, so the more people believe that this is something more than a store of value, the greater risk of government intervention they face ”, considers the businessman.

“Bitcoin has seen its fair share of comparisons to gold over the years. Both are rare assets that are often touted as vehicles for storing value. The US Commodity Futures Trading Commission (CFTC) even classifies BTC as a commodity, just like gold, ”the executive mentioned.

Once, Cuban said a comparison of bitcoins with other collectibles, mentioning “A banana has greater utility, potassium is a valuable nutrient for all the people of the planet, but as long as people accept BTC as a digital version of gold, it can be reversed ”.

In short, he claimed that commodities like bananas offered more benefits than Bitcoin , yet he recognized it as an 'invertible asset'.

The price of the cryptocurrency has been breaking records in recent days, generated by the interest of investors. This Thursday it reached $ 23,000 for the first time. It has been estimated that from the previous September to the present day the value of bitcoin has increased by as much as 20 percent.

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