Billionaire Mark Cuban About Problems and Beauty of Bitcoin
Billionaire Mark Kuban, who has previously repeatedly criticized Bitcoin, finally told when he will buy cryptocurrency.
Recently, the financier talked with Morgan Creek co-founder Anthony Pompliano and told him that he would support Bitcoin if this asset were much easier to use.
In particular, Cuban is dissatisfied with the fact that BTC must first be converted into fiat money, and only then can it be used as a payment instrument.
The billionaire emphasized:
“[Bitcoin] would have to be so easy to use it’s a no-brainer,” said Cuban adding “you’ve got to be able to spend [bitcoin]. Because right now you still have to convert it for anything that you want. And as long as you have to convert it, you’re still dependent on [government-backed] fiat [currency].”
“With gold, at least there’s gold coins — I could use gold bars as furniture. But with bitcoin, it’s virtual, and that’s its beauty and that’s its problem.”
Last year, Cuban stated that he would rather have bananas than bitcoin. After that, the billionaire repeatedly questioned the forecasts of BTC supporters and emphasized that cryptocurrency should not be called a safe haven asset.
In a conversation with Pompliano, despite a new wave of criticism of Bitcoin, Mark Cuban unexpectedly admitted that the US Federal Reserve could provoke a surge of interest in BTC.
The Fed is now pursuing a softening policy, trying to support the business sector. However, the inclusion of printing money leads to the depreciation of fiat money. In this case, people can turn to bitcoin as a great alternative.
Author: Marko Vidrih
Featured image credit: Wikipedia