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Bitcoin and gold have no intrinsic value, says Mark Cuban

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Mark Cuban is not the biggest fan of cryptocurrencies and he publicly said he does not own any of them. Cuban was speaking in his fellow Shark Tank, Kevin O’Leary’s show where he gave his opinion on the value of digital currencies and the influence of coronavirus on markets worldwide.

One of the audiences asked to know which asset Cuban preferred between Bitcoin and gold. The billionaire resented that he prefers neither currently as they share a similar evaluation.

“With Bitcoin, some people value it as a store of value, which makes it like baseball cards, art [and] gold.” Of gold, he stated that, “people want to invest in it because they think, if certain circumstances occur, there will be other potential buyers at that value.”  

Bitcoin and gold have no intrinsic value

In fact, this is not the first time the billionaire investor has revealed his negative energy towards digital currencies. Back in September 2019 during an interview, Cuban was asked about his take on bitcoin and he said the same thing; Bitcoin and gold have no intrinsic value. As a matter of fact, Cuban suggested that he would prefer picking bananas and baseball cards than Bitcoin. He argued that bananas are edible and baseball cards can be linked to specific players. 

In addition, Cuban, who owns the Dallas Mavericks, highlighted that cryptocurrencies are too complicated to become mainstream. He argued that almost 99% of the world’s population would not understand how digital currencies work. 

Cuban sees potential in blockchain 

Despite his negative enthusiasm against Bitcoin and gold, Cuban was bullish about the value of blockchain. Like most other wealthy men who don’t like crypto, Mark Cuban sees the potential in blockchain technology. On the blockchain, Cuban said: 

 “When people say there’s no intrinsic value to crypto, they don’t really look at the value of blockchain,” he said. “Blockchain in general does have at least a basic intrinsic value,” but “not as high as what crypto trades for.”

Amazon founder Jeff Bezos who is the wealthiest individual globally and other notable billionaires like Warren Buffet and Bill Gates don’t find any value in cryptocurrencies. Nevertheless, they are huge admirers of blockchain.

Featured image by Moose Photos from Pexels

 

 

Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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