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Mark Cuban Praises Bitcoin’s Monetary Policy, Urges Companies to Avoid New Stock Issues

Mark Cuban

Mark Cuban has a love-hate relationship with Bitcoin. He’s all for the asset in one minute, and he’s bashing it in the other. However, investors will be curious to know what he feels now with Bitcoin rising to new ATH.

Mavs Still Bullish on Bitcoin

Last week, billionaire investor and Dallas Mavericks owner Mark Cuban caught the attention of the cryptoverse when he promoted a Bitcoin discount from his basketball team. In a tweet, Cuban shared that fans could get up to 25 percent in discounts if they purchase merch from the Mavericks website using Bitcoin.

The initiative is not a surprise, considering that the Dallas Mavericks have been accepting Bitcoin since 2019. At the time, the team confirmed that it partnered with top crypto payment processor BitPay on the initiative. To this day, the Mavs and the Sacramento Kings are the only NBA teams that accept Bitcoin for payments of any kind.

Cuban Flip-Flops on Bitcoin

Despite the Mavericks being open crypto advocates, Cuban seems to have differing opinions about the asset over time. Last year, the billionaire appeared in a WIRED interview where he delivered some business tips to internet users. Responding to a question about Bitcoin, Cuban compared the leading cryptocurrency to a collectible.

As Cuban explained, people only pay for Bitcoin because they believe its value would increase over time. He also pointed out the difficulty in understanding Bitcoin, claiming that about 99 percent of the asset’s investors don’t really know what to do with it. In a final zinger, the billionaire claimed that he would rather have a banana than own any Bitcoins.

The billionaire fired back again last week, claiming in a Forbes interview that Bitcoin was only worth investors’ desire to pay for it. As Cuban explained, Bitcoin can’t serve as a hedge against inflation – no matter how much its proponents might want to believe it can. Besides the asset’s complex operation, it just won’t be able to replace traditional fiat.

“Bitcoin is a store of value like gold that is more religion than solution to any problem. 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,” Cuban asserted. 

Still, he seems to see Bitcoin in a different light right now. In a Sunday tweet, Cuban explained that public companies would do well to follow Bitcoin’s cue and not issue new stocks ever. The billionaire appeared to have been referencing Bitcoin’s limited supply, which helps prevent any possible inflation over time.

There is little possibility that the Dallas Mavericks owner has suddenly become a Bitcoin bull. However, he seems to understand that there are positives to the leading cryptocurrency nonetheless.

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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.