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Despite his NBA team owning $130 in BTC, billionaire Mark Cuban believes bananas are a better means of exchange than Bitcoin.
In a recent appearance on Anthony Pomplianoâs The Pomp Podcast, billionaire investor and owner of the NBAâs Dallas Mavericks, Mark Cuban, discussed his qualms with Bitcoin (BTC).
Despite arguing that Bitcoin is hampered by a lack of understanding among the general public and poor fungibility for goods without fiat conversion, Cuban offers that Bitcoin may find success if economic crises accelerate and âeverything goes into the shitter.â
Mark Cuban is bearish on BTC until your grandma can use it
When asked what it would take to change his position of skepticism regarding Bitcoin, Cuban stated: âIt would have to be so easy to use it's a no brainer.â
âItâd have to be completely friction-free and understandable by everybody first, and then you can say it's an alternative to gold as a store of value,â he added.
âYouâre going to have to make it friction-free so grandma can do it, adding âthe fact that we are arguing so much about it, and you have so many stands about Bitcoin â that just proves the point, that it's difficult.â
Bananas comprise easier means of payment than Bitcoin
Cuban argued that Bitcoin comprises a cumbersome means of exchange through lacking fungibility for goods and services without converting into fiat currencies.
âRight now, you still have to convert it for anything that you want,â he stated, adding: â[A]s long as you have to convert it, you are still dependent on fiat, no matter what you say.â
âI can trade bananas easier as a commodity than I can trade Bitcoin, and I can still eat that banana before it goes bad, and get all my potassium for my workout.â
Cuban recounts briefly supporting payments in Bitcoin on the Mavericksâ online store four years ago, stating âno one bought anything.â
After reintroducing support for merch and ticket purchases in BTC in August 2019, Cuban estimates that the payment method has brought in $130 dollars, adding: âthatâs all of the Bitcoin that I own right now.â
Mark Cuban: Bitcoin may benefit if âeverything goes into the shitterâ
While Cuban acknowledges blockchain can offer great opportunities, he asserts that âwe havenât really seen blockchain applications really take off. I get all of the arguments, Iâve seen all of the charts, I understand all of the potential problems with fiat,â he states, adding:
âIt's to Bitcoinâs potential benefit if everything goes into the shitter because weâre printing so much money and thereâs global implications. [...] And if we donât, Bitcoin ainât got nothing.â
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