Mark Cuban has always been a critic of Bitcoin bashing it repeatedly. At one point, he even said that he would be happier owning bananas instead of bitcoin. Cuban made these remarks in QA published on YouTube by technology news outlet Wired on September 27. Now, he has delivered mixed signals about bitcoin’s reliability as a financial asset.
According to his Forbes comments of December 10, Cuban appeared to contradict himself on Bitcoin’s general utility. When asked to comment about whether or not the flagship crypto can become a “reliable financial instrument,” he gave two different responses. The Dallas Mavericks owner at first responded with “Not a chance.” Afterward, he said:
“It is a collectible. If you consider art or gold a viable stable financial asset, then yes. It can be.”
Fiat is not a comfort zone for Bitcoin critics
Although Cuban vehemently complained that investors were discouraged from Bitcoin due to the challenges and complexity in understanding how it works, that ambiguity of the comments showed what has now become a common problem for the Bitcoin critics. Interestingly, that is how they explain why they are skeptical.
In a memorable example in 2018, one major critic Jamie Dimon, CEO of JPMorgan, said that he was not a skeptic of Bitcoin when he was put to task to explain his past allegation that it was a fraud. This time around, Cuban seemed to set gold and Bitcoin on an unequal footing with fiat currency. That is something that Bitcoin proponents conversely deny.
Figures like Saifedean Ammous, author of “The Bitcoin Standard,” are convinced that it is Bitcoin’s limited supply that ranks among its biggest assets. On the contrary, fiat faces intense manipulation and inflation which destroys value for any investor who holds or ‘collects’ it. Cuban has a history of rubbishing Bitcoin but things may change in the future.