Mark Cuban Says There’s ‘No Chance’ For Bitcoin as a Reliable Currency

Mark Cuban, an American businessman, and owner of the National Basketball Association’s (NBA) Dallas Mavericks have criticized bitcoin again, dismissing the possibilities of the top cryptocurrency becoming a trustworthy global currency.

There is “no chance” for any scenario wherein bitcoin could emerge or be used as a reliable currency. “Not because it can’t work technically, although there are challenges, it could,” Cuban said.

He further stressed that bitcoin is “too difficult to use, too easy to hack, way too easy to lose, too hard to understand, too hard to assess value. […] It is a collectible. If you consider art or gold a viable stable financial asset, then yes. It can be.”

In September, Cuban compared bitcoin to speculative items like gold, and basketball cards, saying that it has less utility. Also, he claimed to prefer a banana to crypto, given that the fruit is edible.

Although the American businessman has joined politicians and other top prominent figures like Warren Buffett, including President Donald Trump to criticize bitcoin, he didn’t bar Mavericks fans from using bitcoin as a form of payment.

In fact, the Mavericks officially announced support for bitcoin in August, as a payment method for tickets and merchandise, using the service provider, BitPay, whilst becoming the second NBA team to allow such development.

Despite temporarily ceasing the bitcoin payment service for a while due to no turn-up, Cuban noted in the report that “[Dallas Mavericks] decided to offer it again because the gateways became simpler,” perhaps contradicting his earlier statement that the system was difficult to use.

Recently, Jean-Claude Trichet, the former president of the European Central Bank, publicly revealed that he is not in support of Bitcoin. He argued that bitcoin does not have the qualities of a real currency. 

“I am strongly against bitcoin, and i think we are a little too complacent. The [crypto]currency itself is not real, with the characteristics that a currency must-have,” Trichet said.

 

Mark Cuban Featured Image via Getty Images



Follow us on Twitter, Facebook, and Telegram to receive timely updates. Subscribe to our weekly Newsletter.