Shark Tank star and owner of the Dallas Mavericks Mark Cuban has said bitcoin, the flagship cryptocurrency, has ‘no chance’ to become a reliable currency.
In an email to Forbes, the billionaire noted that he doesn’t believe BTC won’t become a reliable currency because it’s blockchain will fail, but because of its ease of use, or lack of it.
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.
Cuban added that since there are hundreds of other cryptocurrencies out there, it would mean “too much work for people to know why BTC over everything else.” The billionaire has been a known BTC critic, calling bitcoin a bubble in 2017.
In a recently published Wired video on YouTube, Mark Cuban notes he would rather have bananas than bitcoin, as the cryptocurrency is “only worth what somebody will pay for it.” Comparing BTC to baseball cards, he said that at least with cards one could look at them to see their favorite players.
Replying to a question on bitcoin’s potential future as a reliable financial asset, Cuban said:
It is a collectible. If you consider art or gold a viable stable financial asset, then yes. It can be.
The billionaire notably made his fortune after building Boradcast.com, a pioneer video-streaming platform that it sold to Yahoo! in 1999 for $5.7 billion. It now owns the NBA’s Dallas Mavericks, which accept payments in bitcoin. Per Cuban, the team accepts them as his job is to help its customers do business with them.
Featured image via Unsplash.