Billionaire investor and Dallas Mavericks owner Mark Cuban has claimed that Bitcoin has “no chance” of becoming a reliable currency.
Speaking to Forbes, Cuban said that Bitcoin won’t gain mainstream adoption due to it being “too hard to understand”.
“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, too hard to assess a value,” he said.
This is not the first time Cuban has criticised Bitcoin and cryptocurrencies. In October, he said that Bitcoin holds the same value as baseball cards, while in 2017 he labelled the meteoric rise to $20,000 as a bubble.
He also claimed that he would rather own bananas than Bitcoin, stating it’s “only worth what someone is willing to pay for it”.
In response to questioning on whether Bitcoin has the potential to be a reliable financial asset in the future, Cuban said: “It is a collectible. If you consider art or gold a viable stable financial asset, then yes. It can be.
“There’s a lot of applications and they’ll be used, but you don’t need Bitcoin. You can create blockchain on your own without using all the available cryptocurrencies.”
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.