Outspoken American billionaire Mark Cuban has stated that he could change his stance on bitcoin (BTC) if it could become more user-friendly – and if the cryptocurrency could somehow shrug off what he called a reliance on fiat currencies.
Mark Cuban, who owns the Dallas Mavericks basketball franchise, has gone on record as stating that, although he does own some bitcoin holdings, he still thinks the cryptocurrency is just as “terrible” an investment as gold.
However, in an appearance on Anthony Pompliano’s Pomp Podcast, Cuban added a caveat, stating that he would be prepared to change his mind if bitcoin became a “no-brainer” to interact with, that was “completely friction-free” – to the point that “grandmas” could use it.
He stated,
“It needs to be understandable by everybody first and then and then you can say it’s an alternative to gold as a store of value.”
But Cuban stated that bitcoin has even more obstacles to overcome if it is to go a step further, and become a viable method for processing mainstream transactions.
He explained,
“You’ve got to be able to spend [bitcoin], because right now you still have to convert it for anything that you want [to buy]. And as long as you have to convert it, you’re still dependent on fiat – no matter what you say. I can trade bananas easier as a commodity than I can trade bitcoin. And I can still eat those bananas before they goes bad.”
Even gold bars, he quipped, could be used as “furniture,” but the virtual nature of bitcoin was both its “beauty and its problem.”
He added that the fact that there were so many diverse stands on bitcoin only proved how “difficult” it was to use.
Cuban also put a figure on his bitcoin holdings, which he says were accrued through sales from Mavericks-related items to fans – a mere USD 130.
Cuban stated that issues such as mining rewards halving, inter-token rivalries and mining were confusing for most folk, and noted that “we haven’t seen blockchain applications really take off.”
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Learn more:
Mark Cuban: Don’t Convince Me, Convince Your Neighbor About Bitcoin
Mark Cuban on Gold vs. Bitcoin
Another Famous Expert Changes Stance On Crypto