After saying that Bitcoin had no chance to become a viable cryptocurrency, American investor Mark Cuban continues to engage in discussions with the members of the cryptocurrency community. This time around, he touched upon the everlasting debate between Bitcoiners and gold bugs, taking the side of the latter.
Gold has more utility than Bitcoin
Cuban owns only an infinitesimal $549 worth of Bitcoin after the Dallas Mavericks started accepting the orange coin in 2019. When asked how much gold he owns, the "Shark Tank" host answered that he had purchased some jewelry. On top of that, gold is also used in the electronics industry.
Miners could abandon Bitcoin
Anthony Pomliano called Cuban's attention to the fact that Bitcoin represents the strongest computational network, which undoubtedly has a lot of value.
However, Cuban is still not impressed. The billionaire says that all miners are contractors who join the network to pocket rewards. If there is another technology that could bring them more profits, they could potentially abandon Bitcoin.
Furthermore, the network could be hypothetically overtaken by someone who comes up with a new tech that would allow them to capture 51 percent of all hash rate.