Refractory to the Bitcoin Revolution – People are beginning to get used to declarations of love for Bitcoin (BTC) from billionaires and large fund managers. However, some still cling to their disgust for the king of cryptos: Mark Cuban is one of them and doesn’t hold back for a second.
Bitcoin, too perfect to find through Mark Cuban’s eyes?
Although Mark Cuban was forced to pay a $6.1 million fine to the Securities and Exchange Commission (SEC) for his late crypto-project Unikrn, this doesn’t seem to have taught him to be humble about protocols that manage to endure, like Bitcoin.
In an interview with the Forbes newspaper, the billionaire owner of the Dallas Mavericks explains that his negative beliefs about Bitcoin have not changed:
„Bitcoin] is a store of value like gold, but it is more a religion than a solution to a problem (…) However, unlike gold, because of the limited number of BTCs that will be available and the philosophy of HODLing, when demand exceeds supply, the price will rise (…).“
– Mark Cuban, almost a visionary
Negative points“ that will leave more than one observer circumspect. Granting Bitcoin the status of a safe haven, and saying that its value is bound to increase thanks to its limited quantity (to 21 million units and not one more): are these really things to reproach?
Wouldn’t accumulating BTCs be a protection against crises?
Mark Cuban continues his strange analysis, but it is clear that even if we follow it to the end, we can’t understand the exact blame that Bitcoin is being blamed:
„No matter how much the BTC fans want to pretend that it is a protection against disaster scenarios, it is not the case. Countries will take steps to protect their currency and their ability to tax, so the more people believe that it is something other than a store of value, the more likely they are to run the risk of government intervention.“
In short, Bitcoin would be so much better than fiduciary currencies, that governments would have to trample on the principle of free competition of currencies, and impose their trusted currency, in which there is less and less confidence precisely?
For indeed, it is not for nothing that more and more institutions are buying BTCs: they want to cover themselves against a fall of the dollar (and other fiats) by hyperinflation, which would be due to monetary impressions that have gone completely crazy.
As you can see, Mark Cuban has a non-constructive hatred for Bitcoin, and we don’t know what it has done to him to deserve this. His last remark is an illustration of this:
„The BTC is what it is, something that enough people have agreed is an asset to invest in. A banana is more useful, potassium is a valuable nutrient for every person on the planet. As long as people accept Bitcoin as a digital version of gold, it remains an investment.“
If, at the end of 2020, Mark Cuban still hasn’t understood either the interest of Bitcoin or the financial and economic revolution that the king of cryptos brings to the world, we can do nothing more for him. Even his reproaches become either unconscious compliments or ridiculous comparisons. It is therefore useless to tell him that, unlike Bitcoin’s, banana HODL has little future… once they are ripe.