Mark Cuban has never been a fan of bitcoin. He’s not afraid to hide his feelings, nor is he afraid to speak his mind when it comes to the popular – yet somewhat controversial – digital currency.
Mark Cuban: People Aren’t Using BTC
In a recent interview, Cuban again took a stab at the number one cryptocurrency in the world by market cap. He says that at the end of the day, it only has one real problem – people aren’t using it.
Right now, bitcoin is mostly used for speculation. A means of growing one’s wealth and investing money to see if things explode within the next year or so, but bitcoin – like all cryptocurrencies – was originally designed as a means of payment. A way for people in third-world countries or who lacked valid credit options to get their hands on the everyday goods and services they needed to survive.
Things haven’t quite turned out like that. While there are some platforms or companies looking to make it easier for people to utilize bitcoin and crypto as a way of paying for goods (i.e. Bakkt is working with platforms like Starbucks so that people can potentially use crypto to buy drinks and merchandise), we’re far from where we need to be in this area.
On Twitter, Cuban wrote:
You don’t have to convince me. You need to convince your neighbors. If they don’t see value, that is the problem you need to solve. I’m not opposed to bitcoin. I understand every argument being made. The world is littered with great products and services that failed for lack of consumers… Bitcoin is available in this country and many others for almost no cost. The percentage of consumers choosing it as a methodology for payment or store of value is infinitesimal. It’s almost free and few want to use it. The Dallas Mavericks started taking bitcoin in 2015 and again last year with five total transactions.
Recently, Mark Cuban commented that bitcoin was still “too difficult to use,” but that the main reason the Dallas Mavericks – the NBA team he co-owns – allows BTC payments is because people have shown a desire for it. There is a market for such payments in the world of sports tickets and memorabilia, and while Cuban himself doesn’t think BTC has that much value, he realizes that certain portions of the public feels differently.
Others Feel the Same
Interesting how in that argument, he explains that certain people are willing to accept bitcoin and use it to purchase goods, yet in this new argument, he’s saying that much of the world isn’t looking to utilize bitcoin the way they should.
Cuban joins the ranks of Warren Buffett and President Donald Trump to express skepticism when it comes to cryptocurrency.