Bitcoin is now past its former excessive of $20,000 however billionaire tech entrepreneur, “shark” investor, and proprietor of the Dallas Mavericks Mark Cuban, nonetheless received’t change his stance on the cryptocurrency.
In the previous, he’s mentioned he’d “relatively have bananas” than BTC, and now, he’s doubling down on his skepticism claiming that Bitcoin is extra “faith” than “answer” anybody wants. Is one of many brightest minds in tech and investing this flawed about cryptocurrencies, or is there a hidden message in Cuban’s quotes that buyers within the rising asset class ought to be cautious of?
Mark Cuban Isn’t Bananas Over Bitcoin, Skepticism Unscathed
A yr in the past when Bitcoin was again at highs above $10,000 round mid-year, Mark Cuban answered questions on Twitter, and certainly one of them was in regards to the first-ever cryptocurrency.
Cuban’s replied that he’d a lot relatively have bananas over Bitcoin, as a result of “a banana has extra utility, [and] potassium, is a priceless nutrient to each individual on the planet.”
It isn’t the primary time Cuban commented negatively in regards to the crypto asset, and his “shark” investor counterparts like Kevin O’Leary are additionally involved critics.
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Recently, initially of the month, Forbes requested Cuban his ideas as soon as once more, and referred to as cryptocurrency “followers” a “faith.”
“No matter how a lot [bitcoin] followers need to fake that it’s a hedge in opposition to doomsday situations, it’s not,” Cuban revealed to Forbes. “Countries will take steps to guard their currencies and their potential to tax, so the extra folks consider that is something greater than a retailer of worth, the extra danger of presidency intervention they face.”
Timeline: US authorities threats to Bitcoin have undoubtedly had an affect | Source: BTCUSD on TradingView.com
Church Versus State: A Showdown For Control Over Cryptocurrency Could Be Coming
The danger of presidency intervention Cuban is warning of, may very well be proper across the nook. When Bitcoin was at $20,000 three years in the past, the US authorities agreed to launch BTC Futures buying and selling in an effort to “tame Bitcoin.”
They did, and the bear market resulted as soon as the momentum was misplaced and shorting the asset turned worthwhile.
At the peak of the Facebook Libra-led rally in 2019, it was tweets from President Trump and Treasury Secretary Steven Mnuchin that marked the highest. Fears of coming regulation brought about an “altpocalypse” and Bitcoin turned bearish for a fast stint once more.
As quickly as Bitcoin approached $20,000 was when phrase acquired out that Mnuchin was contemplating banning self-hosted wallets, forcing cryptocurrencies to be held on centralized exchanges the place hackers can entry them, and defeating a core characteristic of the expertise itself.
These may very well be indicators, that as Cuban warns, the federal government is taking discover and making ready intervention. Money is how governments management and tax their residents, and so they received’t need to let that leverage slip by means of their fingertips.
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But as a result of Bitcoin has fashioned an virtually religious-like following who’re decided to not solely hedge in opposition to doomsday-like situations however revolutionize the financial system itself, the asset itself comes with a military of firepower.
Some of the world’s wealthiest and most clever entrepreneurs that may form the way forward for the world over the subsequent few many years, already personal Bitcoin, and may not go down and not using a combat.
So whereas the federal government can attempt to intervene, the Bitcoin faith – and answer – is spreading, and it is likely to be far too late to cease it.
Featured picture from Deposit Photos, Charts from TradingView.com