As revealed in a recent article by Forbes, the Dallas Mavericks’ owner doesn’t believe Bitcoin can become a reliable currency.
“No chance,” Cuban said. “Not because it can’t work technically, although there are challenges, it could, but rather because it’s too difficult to use, too easy to hack, way too easy to lose, too hard to understand, too hard to assess a value…[it is] too much work for people to know why BTC over everything else.”
This controversial take on the leading digital currency eventually bled onto Crypto Twitter, where a debate between Cuban and prominent members of the Bitcoin community began. In the debate, which included Jimmy Son, Preston Pysh and Anthony Pompliano, Cuban doubled down on his assertion that Bitcoin is not viable as a mainstream currency.
“As a medium of exchange it’s not very good for the many reasons I have mentioned,” Cuban stated. “In many ways, it reflects the same problems as fiat currency, it’s managed, modified, forked and HODLed in ways that make it unpredictable and problematic, just by different overseers.”
Interestingly, Cuban responded to the potential of BTC as a global currency by stating that he believes mass global adoption of BTC will ultimately be blocked by countries and the cost of doing so is well within a reasonable range.
“No price is too much. Countries have gone to war over less than trying to protect their control,” stated Cuban.
This type of back and forth went on for a few hours until, ultimately, Pompliano asked the question on everyone’s mind, “do you own any Bitcoin?” Cuban responded, stating that he only owns $549, which is apparently the total BTC revenue from Mavericks ticket sales.
$549 which is how much has been purchased from the Mavs in bitcoin
— Mark Cuban (@mcuban) December 12, 2019
That’s about the time the Twitter stream came to close, with Pompliano thanking Cuban for being a good sport and urging him to pick up some BTC as an insurance policy.
I highly doubt that’ll happen anytime soon.
Image: Gage Skidmore / Flickr
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.