Mark Cuban Still Isn’t Cool with BTC
Cuban recently commented that bitcoin could never be “used as a reliable currency.” Among his main points is that bitcoin, at the time of writing, is considered more of a “collectible” that actual money. People collect units of BTC as a means of expanding their wealth. It’s more of a speculation tool, much like a piece of art.
He says you wouldn’t use a Picasso painting to pay for goods or services, and he places bitcoin in the same category, which is why he believes the currency cannot be utilized as a mainstream form of payment just yet. He comments:
[It’s] not because it can’t work technically, although there are challenges, it could, but rather because it’s too difficult to use, too easy to hack, way too easy to lose, too hard to understand, and too hard to assess a value… It’s too much work for people to know why BTC [should be held] over everything else.
Cuban joins the ranks of wealthy high-flyers like President Donald J. Trump and Berkshire Hathaway CEO Warren Buffett to criticize and reject bitcoin, with Cuban even referring to the digital currency as a “bubble” in the year 2017.
Why then, does he allow the Dallas Mavericks – a sports team he owns – to accept BTC payments? As the second team in the NBA to accept crypto, executives of the Mavericks explained in August 2019 that they would allow people to use BTC and crypto to pay for things like event tickets and merchandise. If BTC is as bad as Cuban says it is, why would he tie it in with his own team like that?
Cuban says that while he remains unfaithful to the currency, many people out there feel different, and are looking for opportunities to pay with crypto. He says that over the years, many people have sought out ways to utilize crypto to pay for things like sporting events, and he’s just looking to make things easier for them.
The Mavericks Accept Crypto
We first took BTC about five years ago. No one bought anything, so we stopped. We decided to offer it again because the gateways became simpler and if we have a customer that wants to buy with it, I’ll take bitcoin or bananas. My job is to make it easy for our customers to do business with us.
This is strange considering in his previous quote, Cuban refers to bitcoin as being “too difficult to use.” Now he’s claiming that the gateways to bitcoin “became simpler.” Well, Mr. Cuban… Which one is it?