Billionaire entrepreneur Mark Cuban, long known as a leading crypto critic, says he believes Bitcoin can store wealth. According to Cuban, Bitcoin stands out especially in terms of storage.
“I buy bananas instead of bitcoin.”
In September of last year, Cuban said he would rather have a banana rather than the best cryptocurrency, calling BTC “a collectible item he’s not interested in.” At the time, Cuban wasn’t sure if BTC could be a viable store of value.
But the billionaire entrepreneur says these days BTC is now a store of value, and points out that the demand for scarce asset clearly outstrips supply.
I don’t ignore it anymore. I see this like any other technology. There are pros and cons, and many are trying to improve it globally.
Luck is in favor of those trying to improve it. It currently works as a SOV (store of value) where demand outstrips supply, so people are interested.
“It’s not a measure against disasters.”
Cuban told CNBC that he believes crypto assets will never replace traditional currency and will not be a measure against the global economic disaster.
No matter how many bitcoin fans want to pretend to be a safeguard against doomsday scenarios, it doesn’t.
Countries will take steps to protect their currencies and their ability to tax, so the more one believes that this is more than a storehouse of value, the higher the risk of government intervention they face.