The well-known billionaire investor Mark Cuban tweeted that bitcoin could be a store of value, but he questioned how a BTC economy would work and the cryptocurrency’s ability to replace the current system. While engaging with crypto enthusiasts on twitter, Cuban said that bitcoin can “be a store of value,” but pointed out that while the analysis of Preston Pysh on the current financial system wasn’t wrong. But he is wrong about the fungibility of BTC and it’s ability to impact society as a replacement for the current system, he added.
Mark Cuban questions how a bitcoin-based financial system would work.
The billionaire investor Mark Cuban has previously raised his concern about the leading cryptocurrency and how it would never amount to the “unreal” expectation of bitcoin enthusiasts. While replying to his Cuban’s tweet, Preston Pysh told him that while he appreciates his time discussing the issue, he’ll be waiting for the market to decide who’s right. Mark Cuban further tweeted that it doesn’t matter what denomination the revenues are in? He added that you can’t say dollars will lose value while BTC increases in value and does not recognize the spread in conversion. He made a case for why bitcoin can never replace the US dollar.
It can be a store of value. But the conversation started with the challenges of the current federal reserve system. He isn’t wrong about the system. But he is wrong about the fungibility of btc and it’s ability to impact society as a replacement for the current system
— Mark Cuban (@mcuban) June 5, 2020
Mark Cuban does not believe bitcoin is useful.
Later last year, the Shark Tank investor Mark Cuban expressed his concern with bitcoin, saying that the leading cryptocurrency has no intrinsic value. He compared bitcoin to baseball cards, comic books, and artwork, none of which have “intrinsic value.” He even said that he’d rather have bananas than bitcoin as they are more useful. The billionaire investor has never hesitated to express his disinterest with cryptocurrency. Despite criticizing bitcoin and crypto, Cuban has invested in many businesses that are built on cryptocurrency and blockchain in the past, including a digital token e-sports betting platform and a venture capital fund for crypto.