11.3 C
May 25, 2020
Image default

Mark Cuban: Bitcoin is “very difficult to understand”

Mark Cuban talks again about Bitcoin.

Mark Cuban is the latest billionaire to talk about Bitcoin. He recently stated that he is not a fan of the cryptocurrency king and prefers to use bananas as a form of payment.

The unusual comparison was made during a podcast where he was invited by Anthony Pompliano.

Who is Mark Cuban?

Mark Cuban is an American billionaire known to own the Dallas Mavericks, one of the NBA’s basketball teams. He emerged in the spotlight not only because of his entrepreneurial achievements, but also because he did not rule out a possible White House candidacy on the eve of the U.S. presidential election in 2020.

Mark Cuban and the challenges in using Bitcoin

During The Pomp Podcast, Mark Cuban revealed his relationship with cryptocurrencies and Bitcoin claiming that it is:

“Very difficult to understand”.

It is a thought that really reiterates what the entrepreneur had already said in December last year:

“Difficult to use, easy to hack, difficult to understand, difficult to assess its value”.

During a discussion via Twitter in which Jimmy Song, Anthony Pompliano, Preston Pysh and Nick Szabo participated, Mark Cuban simply said:

“You don’t have to convince me. You need to convince your neighbors. If they don’t see value, that’s the problem you need to solve. I am not against BTC. I understand all the arguments presented. The world is full of great products / services that have failed due to lack of consumers ”.

In the podcast, he went into more detail, arguing that it is vital that Bitcoin is easy to spend, while at the moment it still needs to be converted, and while it needs to be converted into fiat currency, Bitcoin and its users will still depend on fiat currencies and governments that issue them.

So he explained that:

“I can trade bananas more easily as a commodity than trade Bitcoin, and I can still eat that banana before it spoils and gets potassium for my training.”

In reality, Mark Cuban tried to enter the world of cryptocurrencies, but with little success. As Forbes reports, in his past, he would have invested in a betting platform that used digital tokens and a cryptocurrency venture capital. He would also have tried bitcoin as a form of payment for his basketball team.

Of course, the limited success of these initiatives only fueled their skepticism about Bitcoin.

Source: cryptonomist

Related posts

Why gold and virtual currency Bitcoin are attractive for deflation | Controversial economic impact of Corona

Aparnna Hajirnis

Shopify introduces payments in cryptocurrencies – Blocksats

Aparnna Hajirnis

Two reasons behind the Bitcoin crash, the cryptocurrency market is upset by the “2009 BTC” remittance

Aparnna Hajirnis

Leave a Comment