Billionaire investor Mark Cuban said that he would rather own bananas than own Bitcoin. The billionaire investor made these remarks in a video Q&A with technology news outlet, Wired. During the Q&A session, he answered to a Twitter user who had asked him why he hated crypto if he was into “providing opportunity for people to grow their net worth”
Cuban responded by pointing out that the issue he has with Bitcoin is that its value is determined by the markets demand for it.
“Here’s the thing about crypto, particularly Bitcoin: Bitcoin is worth what somebody will pay for it.”
He later argued that Bitcoin had no intrinsic value. He went on to explain his point by comparing crypto assets to artwork, baseball cards, and comic books.
“Did you ever see someone who collected baseball cards? And they were really, really, really proud of their baseball cards because they kept saying they were going to go up in price? Comic books — same thing, even artwork. There’s no real intrinsic value, you can’t eat a baseball card. Your artwork might look good on the wall but not much you can do with it. Bitcoin there’s even less you can do with it: at least I can look at my baseball card I can look at artwork.”
He then went on to raise the point that Bitcoin was too complicated for the average person. This according to him is because of the many storage options being promoted and the theft prevention needs of crypto. This is where he notes that Bitcoin is very similar to Gold.
“I say it’s like gold. Gold is a religion: people who are really into gold — they’ll tell you that there’s a bad depression and things go to hell in a hand basket, if you own gold then you’ll be okay. No, you won’t! You carry around a gold bar — someone’s gonna hit your ass, knock you out and steal your gold bar and it’s gonna happen again and again and again. I’d rather have bananas, I can eat bananas. Crypto… Not so much.”
Cuban later said that he was not against cryptocurrencies, but warned investors to be very careful Cuban had also had his say back in July about Facebook’s Libra terming it as a “big mistake”. He said that “globally and in countries where there isn’t a lot of rules of law, or a lot of government stability, or currency stability, then it could be dangerous.”
Image Courtesy of CNBC