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American Businessman Mark Cuban Continues to Hate on Bitcoin

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Mark Cuban, NBA’s Dallas Mavericks owner and ABC’s Shark Tank “Shark” investor, told precious metals-based program “Kitco News” that he hates both Bitcoin and gold. He also said that he doesn’t view “it [Bitcoin] as an alternative to currency”.

According to Cuban, both of them are the “same thing” and their price varies on the supply and demand. However, Bitcoin is slightly better, since the famous digital currency is finite. Gold, on the other hand, can be mined again, “The good news about Bitcoin is that there’s a finite supply, and the bad news about gold is that they’ll keep mining more.” He even called them “collectables” and talked about other investment options that were better than these.

“The best investment you can make is paying off your credit cards, paying off whatever debt you have… If you have a student loan with a 7% interest rate, if you pay off that loan, you’re making 7%, that’s your immediate return, which is a lot safer than picking a stock, or trying to pick real estate, or whatever it may be,” said Cuban.

Mark Cuban’s Interest in Crypto Projects

The entrepreneur previously called Bitcoin a “bubble” when the price went down in June 2017. He explained his statement in a tweet, “I’m not questioning value, I’m questioning valuation.”

A month later, it was revealed that Cuban was investing in the ICO for online sports gambling company UniKrn. In August 2017, he announced that he would be backing a cryptocurrency hedge fund; 1confirmation. “I have always looked at Blockchain as a foundation platform from which great applications can be built. Hopefully we can find a few,” explained Cuban. His next collaboration in a crypto project was with Mercury platform, made public in the same month. It was an Ethereum-based project which provided a decentralized communication platform, with the altcoin named “Global Messaging Token” (GMT).

Image Credit: Deposit Photos

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