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Billionaire Mark Cuban Berates Bitcoin, Would Rather “Have Bananas”

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September 30, 2019 | 

1356 Views | 

Darryn Pollock | 

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Bitcoin has been one asset that has split the opinions of investors for a few years now. The major cryptocurrency has shown that it is a powerful performer in the markets with swings of over 1,000 percent not that uncommon since it came into existence over 10 years ago.

However, it is the last 10 years that has seen the most action in Bitcoin as the coins has ridden a wave of mainstream hype to be worth $20,000 a coin, but has also fallen sharply to shed nearly 80 percent of its value in less than a year following that. 

For some, the investment in the coin has seen major returns and meant that those successful investors are true Bitcoin maximalists and suggest everyone be investing it. However, the common factor between these investors is that they are usually fully indoctrinated by the cryptocurrency space. 

There are a lot less true Bitcoin maximalists that have made their fortune elsewhere as they see Bitcoin as something that goes against the grain; the same grain that earned them their fortune. The likes of Warren Buffet, and now Mark Cuban, have berated Bitcoin and said they would rather invest elsewhere. The latter has even said he would rather have bananas. 

No intrinsic value

Mark Cuban, the billionaire technology investor, has been rather coy about Bitcoin and recently said that Bitcoin is a number of issues that have kept him away and continues to repel him from investing. 

Cuban made his remarks in a video Q&A published on YouTube by technology news outlet Wired. During the Q&A session, he answered to a Twitter user asking why Cuban hates crypto if he is “into providing opportunity for people to grow their net worth.” 

First, Cuban seemingly suggested that the issue he has with Bitcoin is that its price is determined by the market's demand for it:

“Here’s the thing about crypto, particularly Bitcoin: Bitcoin is worth what somebody will pay for it.”

Cuban’s argument is an old one against Bitcoin as he stated that it has no intrinsic value and went on to say:

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.”

Complicated

The investor, although a tech-junkie, also went on to explain that he believed that Bitcoin is too complicated for the average person, and that as a store of value, there are other options, but it is like gold - for another reason than its value and ability to store wealth.

“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 handbasket, 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,” he concluded.

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