Billionaire entrepreneur Mark Cuban says he believes Bitcoin (BTC) has no inherent value – but the technology that powers the leading cryptocurrency could be transformative, Cuban said.
In a new episode of Ask Mr. Wonderful starring Kevin O’Leary, the billionaire and open critic of Bitcoin said he sees a sharp difference between crypto assets and blockchain technology. As for Bitcoin, Cuban says he simply sees it as a collectible.
You have to wonder how to rate it, and people value it in different ways, especially Bitcoin. At Bitcoin, some people value it as a store of value, which makes it a commodity that makes it like baseball cards, art, and gold. They have a value because people see them as a value, not because they have an intrinsic value.
Cuban has long said that he believes Bitcoin will not go mainstream because it is too difficult for the average citizen to use. When asked if he preferred gold to crypto, Cuban said he didn’t prefer either.
I have never been a gold fan because, as I said, the delta between home and trade value is what people invest and see in it. But it’s no different from tulips. It is no different from baseball cards. It is no different from many other things because it is only worth what you think someone else will pay for it.
As for blockchain technology in general, Cuban said that the distributed ledger that powers Bitcoin could have many uses outside of the cryptocurrency.