Billionaire Mark Cuban: Gold has more utilities than Bitcoin

The famous investor of Shark Tank, Mark Cuban, is an outspoken person and always expresses his point of view, especially when it comes to cryptocurrency. And recently, after claiming Bitcoin had no chance of becoming a viable cryptocurrency, Cuban continued to participate in discussions with members of the cryptocurrency community. This time, he pushed controversy when comparing Bitcoin to gold.

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Mark Cuban once said it would be better to eat bananas because at least they are more useful than Bitcoin

Gold has more utilities than Bitcoin

Cuba only owned a maximum of $ 549 worth of Bitcoin after the Dallas Mavericks started accepting the orange coin in 2019. When asked how much gold he owned, Cuban said he bought some jewelry. On top of that, gold is also used in the electronics industry.

However, Mark Cuban is not as disgusted with Bitcoin as the Euro Pacific Capital CEO, Peter Schiff. He was the one who claimed BTC had less utility than a tennis ball, marijuana (and, most likely, anything else in the world).

He also added that it is impossible to make the US Open trophy out of Bitcoin. Morgan Creek Digital co-founder Anthony Pompliano quickly dismissed Schiff’s comment. He thinks precious metals are only used for jewelry and trophies while Bitcoin will fulfill the role of a global currency.

Back in the story of Cuban, in the past, he invested in many Blockchain businesses including an esports betting platform and a venture capital fund for cryptocurrencies. In October 2017, the billionaire revealed that he had personally bought Bitcoin.

He once shared:

“If you are a true explorer, you can use 10% of your savings to invest in Bitcoin. But in doing so, you must determine that you have lost almost all of that money.”

However, even once invested in cryptocurrencies, billionaire Mark Cuban is now more determined to eat bananas than at least because they are more useful than Bitcoin…

Miners can abandon the BTC network

Anthony Pomliano calls Cuba’s attention to the fact that Bitcoin will represent the strongest computing network. And of course, this coin will definitely create more value for the community.

However, Cuba is still not impressed. The billionaire says that all miners are contractors that join the network to pocket rewards. If there is another technology that can bring them more profits, they are likely to give up on BTC.

Moreover, the network can be overtaken by a person who came up with new technology that allows them to capture 51% of the hashrate.

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