Bitcoin is ‚more a religion than a solution,‘ according to billionaire Mark Cuban

„No matter how much BTC fans want to pretend it’s a protection against apocalyptic scenarios, it’s not.

The billionaire who once said that bananas are a better medium of exchange than Bitcoin is asserting his view that crypto is more of a collectible financial asset than a reliable one.

Bitcoin Over $20,000: Bullish and Bullish

2020 has been a great year in terms of institutional adoption of Bitcoin (BTC). Companies such as MicroStrategy and Grayscale significantly increased their holdings of cryptomoney, while individuals associated with traditional finance (such as CNBC’s Jim Cramer) found themselves changing their minds about owning cryptomoney. Still, the asset has its detractors.

In a Dec. 8 interview with Forbes, Dallas Mavericks owner Mark Cuban said that cryptomoney users should not look to Crypto Bull as a protection against apocalyptic scenarios. He also believes that crypto is unlikely to replace fiat currency in the short term.

Bitcoin is a „convex bet,“ says the CEO of an institution with $600 million exposure to BTC

„Bitcoin is] a reserve of value like gold that is more a religion than a solution to any problem,“ Cuban said. „Countries will take measures to protect their currencies and their ability to collect taxes, so the more people believe that this is more than just a store of value, the more risk they face of government intervention.

Cuban’s comments came when Bitcoin’s price was below $19,000. Since then, the asset has reached new all-time highs, topping $20,000 for the first time in history and trading above $23,000 by the time this story is published.

UK Investment Manager Shifts Focus from Gold to Bitcoin in „Defensive Move

The billionaire claimed that commodities such as bananas offered more benefits than Bitcoin, but still recognized it as an „investment asset:

„A banana is more useful, potassium is a valuable nutrient for all the people on the planet, but as long as people accept BTC as a digital version of gold, it can be invested.

Peter Schiff will start buying Bitcoin when its price reaches $50,000, according to Max Keizer

Mark Cuban has an estimated net worth of $4.2 billion. He claimed to own approximately $130 in Bitcoin in August 2019 from the purchase of tickets and merchandise from the franchise. Since BTC’s price remained below $12,000 that month, Cuban’s cryptoactives could easily have doubled if he still had them.