Bitcoin is 'more religion than solution,' says billionaire Mark Cuban

Bitcoin is 'more religion than solution,' says billionaire Mark Cuban

Gate Trade News Friday, December 18, 2020 57 0

Mark Cuban, the billionaire who once said that bananas are a better medium of exchange than Bitcoin, has doubled down on his view that the asset is more like a collectible than a reliable financial instrument.

 

2020 has been a big year in terms of institutional Bitcoin (BTC) adoption. Companies like MicroStrategy and Grayscale significantly increased their crypto holdings, while those associated with traditional finance (like CNBC's Jim Cramer) found themselves changing their tune when it comes to crypto ownership. Even so, the asset has its detractors.

 

In a Forbes interview conducted on Dec. 8, Dallas Mavericks owner Mark Cuban said that crypto users should not look to Bitcoin as "a hedge against doomsday scenarios." He also believes that the crypto asset is unlikely to replace fiat currency anytime soon.