Mark Cuban Says ‘No Chance’ For Bitcoin To Become A Reliable Currency

Bitcoin (BTC) has faced its fair share of criticism in the eleven years since its inception, with top business figures such as Warren Buffett, Jamie Dimon and even President Donald Trump criticizing the pioneer digital asset. In a follow-up to his comments on bitcoin in September, Dallas Mavericks billionaire owner Mark Cuban said he sees no future scenario in which crypto’s flagship asset could be used as a reliable currency.

“No chance,” Cuban said to me in an email, answering a question regarding any type of future scenario in which he sees bitcoin becoming a reliable currency.

“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 explained. The billionaire also pointed out the vast number of other rival crypto assets available, adding that it is “too much work for people to know why BTC over everything else.”

Cuban has not shied away from commenting on cryptocurrencies in the past, including his reference to bitcoin as a bubble in 2017, as well as even taking part in an initial coin offering (ICO) for UnikoinGold, a crypto asset associated with online sports betting operation Unikrn, according to a CoinDesk post.

The Shark Tank star most recently expressed skepticism toward bitcoin in a question and answer style YouTube video from media outlet Wired in September. Cuban related bitcoin to other speculative items, such as baseball cards and gold, although he added that bitcoin has less utility. “At least I can look at my baseball card and go, ‘Ooh, that’s my favorite player, that’s Roberto Clemente,’” Cuban said in the video, adding that he would rather have bananas than crypto, due to the fruit’s edibility…

Continue reading at FORBES.com

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