Mark Cuban Says He's 'Not Opposed' to Bitcoin, but It Has Serious Problem

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Fri, 12/13/2019 - 07:15
Alex Dovbnya
Billionaire Mark Cuban says that you should convince your neighbor (not him) about the potential of Bitcoin
Cover image via www.youtube.com
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Billionaire Mark Cuban took a lot of heat from the crypto community after saying that Bitcoin had no chance to become a reliable currency. 

Cuban later engaged in a Twitter discussion where he clarified that he wasn't opposed to Bitcoin. However, its failure to reach mainstream adoption means that the first cryptocurrency could follow the lead of other "great product and services" that remain under the radar due to a lack of consumers. 

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"Convince your neighbors"

Unlike many other Bitcoin naysayers, Cuban doesn't take an issue with Bitcoin's technology. However, he believes that the orange coin remains way too complicated for the average Joe.

"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."

In his recent series of tweets, Cuban doubled down on this statement by saying that only an "infinitesimal" percentage of people choose to use Bitcoin as a means of payment or a store of value (SoV) despite being available almost at no cost. 

The Dallas Mavericks, the pro basketball team owned by Cuban, became the first NBA team to sell tokens and merchandise for crypto. It started accepting Bitcoin again in 2019 but it pocketed only five transactions. It's possible that Bitcoin wasn't meant for mainstream adoption after all. 

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Fragile fiat money 

Cuban doesn't buy doom-laden scenarios about the demise of fiat money that popular with the proponents of Bitcoin and gold. According to the famous entrepreneur, they have been saying "the same exact thing" over and over again. 

However, it's only the likes of Max Keiser who predict the end of the global fiat system. As reported by U.Today, Deutsche Bank analyst Jim Reid recently wrote that cryptocurrencies could be on the brink of a "breakout decade" while calling fiat money "fragile." 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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