Billionaire Mark Cuban has never been a huge fan of bitcoin, and to be fair, he’s still not prone to BTC use. However, he does comment that he’d be willing to change his mind on the digital currency given that the right changes are made to its infrastructure.
Mark Cuban: Make BTC Easier
In the past, Cuban has gone so far as to say he’s rather have “bananas” over bitcoin, and for the most part, he’s still pushing this mentality. In a recent podcast interview, Cuban explains:
I can trade bananas easier as a commodity than I can trade bitcoin, and I can still eat that banana before it goes bad and get all my potassium for my workouts!
For Cuban to accept bitcoin, he says it would have to simplified. Right now, his biggest complaints are that bitcoin is too difficult to use and that it cannot be spent the way one can use cash. He states:
It would have to be so easy to use it’s a no-brainer. It would have to be completely friction-free and understandable by everybody first… Then you could say it is an alternative to gold as a store of value… You’ve got to be able to spend it, because right now you still have to convert it for anything that you want, and so long as you have to convert it, you’re still dependent on fiat [or government-backed currency].
Despite his frustration with the world’s number one digital asset, Cuban fully admits that there’s an audience for it, and he acknowledges that there are many people out there willing to try it out. That’s why his basketball team – the Dallas Mavericks – are one of the few in the NBA to accept bitcoin for both event tickets and merchandise.
The Mavericks are continuing the sports-with-bitcoin trend that the Sacramento Kings ultimately began in 2014. While Cuban doesn’t use it himself, he does give customers a chance to utilize BTC when paying to see his team in action.
However, that doesn’t mean he’s willing to touch it himself. In the interview, Cuban further explained his thoughts on the digital commodity:
With gold, at least there’s gold coins. I could use gold bars as furniture, but with bitcoin, it’s virtual, and that’s its beauty and its problem. Now, the fact that we’re arguing so much about it, and you have so many stands on bitcoin, that just proves the point that it’s difficult, and you can’t spend it on anything.
It’s Way Too Technical
In addition, Cuban also complained about the halving and mining aspects of BTC, commenting:
Blockchain is a great opportunity, but the reality is, we haven’t seen blockchain applications really take off. There’s uncertainty with all the different types of crypto and arguments between them all.