While many around the world love cryptocurrency and bitcoin in particular, this is not a universal sentiment as there are many, particularly within the business world, who still denounce bitcoin and other cryptocurrencies as being fraudulent. This was the case with the management of JP Morgan up until they announced that they will be developing their own cryptocurrency and other naysayers include the likes of Warren Buffett. While more efforts are being put towards blockchain education and creating a better environment for cryptocurrency to thrive, public opinion is still quite important and there still those whose minds are not yet changed.
In a Q and A series with Wired that was published to YouTube on September 27, 2019, billionaire investor Mark Cuban stated that he would rather own bananas than bitcoin and also implied that bitcoin is only worth what people will pay for it and joins the long list of those who have denounced the cryptocurrency.
Bananas and Bitcoins
According to Cuban, bitcoin has no intricic value and illustrated this by comparing it to collectible items.
“Did you ever see someone who collected baseball cards? And they were really, really, really proud of their baseball cards because they kept saying they were going to go up in price? Comic books — same thing, even artwork. There’s no real intrinsic value, you can’t eat a baseball card […] Your artwork might look good on the wall but not much you can do with it. Bitcoin — there’s even less you can do with it: at least I can look at my baseball card […] I can look at artwork,” he said.
Cuban also drew comparisons between bitcoin and gold and stated that both have a downside in that the storage and prevention of theft of both are very complicated and even more so for the average person.
“I say it’s like gold. Gold is a religion: people who are really into gold — they’ll tell you that there’s a bad depression and things go to hell in a handbasket, if you own gold then you’ll be okay. No, you won’t! You carry around a gold bar — someone’s gonna hit your ass, knock you out and steal your gold bar and it’s gonna happen again and again and again. I’d rather have bananas, I can eat bananas. Crypto… Not so much,” he said.