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Mark Cuban Blasts Bitcoin for Its Lack of Intrinsic Value

Billionaire Entrepreneur Mark Cuban Equates Gold with Bitcoin, Calls Them “The Same Thing”

Mark Cuban is a billionaire investor, basketball team owner, and Internet pioneer. Many aspire to his success, and this is why his opinions on financial issues are taken seriously. However, when asked about Bitcoin, the Dallas Mavericks owner doesn’t seem to be a believer just yet. 

Late last week, Cuban appeared on a Q&A session broadcast on YouTube by tech news medium Wired Magazine. There, he spoke on a wide array of issues, but the most controversial of those moments came when he was asked by a Twitter user on why he hates crypto despite his claims to “providing opportunity for people to grow their net worth.”

I’d rather have a banana

Answering, he went into the details of why he takes issues with Bitcoin, including and especially the fact that the demand for the world’s most popular crypto asset seems to be tied to the public’s demand for it. 

“Here’s the thing about crypto, particularly Bitcoin: Bitcoin is worth what somebody will pay for it.”

Continuing, Cuban suggested that there really isn’t much of intrinsic value to Bitcoin. He compared the asset to other products, including baseball cards and comic books. 

“Did you ever see someone who collected baseball cards? And they were really, really, really proud of their baseball cards because they kept saying they were going to go up in price? Comic books — same thing, even artwork. There’s no real intrinsic value, you can’t eat a baseball card. ”

He went on to opine that the fact that Bitcoin exists mainly on the Internet and doesn’t even have a physical manifestation means that it isn’t as useful as the options listed above as well 

 “Your artwork might look good on the wall but not much you can do with it. Bitcoin — there’s even less you can do with it: at least I can look at my baseball card […] I can look at artwork.”

Cuban went on to raise concerns over the complexity of Bitcoin, pointing out that the average person might not be able to understand the asset thanks to its vast storage options and the precautions required to keep it from the hands of criminals. 

This, as he points out, is why Bitcoin is exactly like goldAt the end of the day, Cuban points out that while he isn’t against cryptocurrencies, he believes that they offer a store of value at the very best, and would like for potential investors to be very careful.  

There really isn’t much to unpack here. Like everyone else, Cuban has a right to his point of view. At the very least, the billionaire does admit that he doesn’t hate cryptocurrencies. 

Cuban the team owner

It is also worth noting that while Cuban doesn’t seem to be into crypto assets that much the Dallas Mavericks (the basketball franchise which he owns) seem to be fine with them. Back in August, the team announced that it will be accepting Bitcoin as a means of payment for merchandise and tickets to their matches. The team is only the second in the NBA to accept cryptocurrency payments, following in the footsteps of the Sacramento Kings. 

Perhaps Cuban doesn’t voice his concerns in his companies as many might have thought.  

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      Jimmy has been following the development of blockchain for several years, and he is optimistic about its potential to democratize the financial system.