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.
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.
No. But I bought jewelry with gold in it and have seen how it’s used to make electronics.
— Mark Cuban (@mcuban) December 24, 2019
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).
I’m watching tennis. Even the ball has more utility than Bitcoin. By the way, the U.S. open trophy is made of silver. It would be too expensive to make it out of gold. It would be impossible to make it out of Bitcoin.
— Peter Schiff (@PeterSchiff) September 4, 2019
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.
Gold and other precious medals lost their ability to fulfill the world’s need for money.
Now you are celebrating their use cases for jewelry and trophies.
Gold can have the knick-knack use case.
Bitcoin will fulfill the world’s need for a global currency.
— Pomp ? (@APompliano) September 4, 2019
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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