Mark Cuban is the newest billionaire to speak out on Bitcoin. He recently stated that he is not a fan of the queen of cryptocurrencies, and that he would rather use bananas as a means of exchange.
The unusual comparison was made during a podcast where he was a guest of Anthony Pompliano.
Who’s Mark Cuban?
Mark Cuban is an American billionaire known to be the owner of the Dallas Mavericks, one of the NBA basketball teams. He has emerged in the limelight not only because of his entrepreneurial achievements but also because he hasn’t ruled out a possible run for the White House in the run-up to the 2020 U.S. presidential election.
Mark Cuban and the challenges in using Bitcoin
During The Pomp Podcast in recent days, Mark Cuban has unveiled his relationship with cryptocurrency and Bitcoin claiming that it’s:
“Too hard to understand”.
It’s a thought that actually reiterates what the entrepreneur had already said last December, he deemed Bitcoin:
“too difficult to use, too easy to hack, too hard to understand, too hard to assess a value”.
During a discussion via Twitter in which Jimmy Song, Anthony Pompliano, Preston Pysh and Nick Szabo had taken part, Mark Cuban simply said:
“You don’t have to convince me. You need to convince your neighbors. If they don’t see value, that is the problem you need to solve. I’m not opposed to BTC . I understand every argument being made.The world is littered with great products/services that failed for lack of consumers”.
You don't have to convince me. You need to convince your neighbors. If they don't see value, that is the problem you need to solve. I'm not opposed to BTC . I understand every argument being made.The world is littered with great products/services that failed for lack of consumers
— Mark Cuban (@mcuban) December 12, 2019
In the recent podcast, he went into more detail arguing that it is vital for Bitcoin to be spendable, while at the present time it still needs to be converted, and as long as it needs to be converted into fiat currency, Bitcoin and its users will still be dependent on fiat currencies and the governments that issue them.
That is why he explained that:
“I can trade bananas easier as a commodity than I can trade Bitcoin, and I can still eat that banana before it goes bad, and get all my potassium for my workout”.
In reality, Mark Cuban has tried to enter the cryptocurrency world, 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 experimented with bitcoin as a means of payment for his basketball team.
Evidently, the limited success of these initiatives has only fuelled his scepticism towards Bitcoin.