Mark Cuban: US banks must provide cash advances for those struggling but maybe Bitcoin be faster

By Selena On Mar 27, 2020

Dallas Mavericks owner and billionaire entrepreneur Mark Cuban joined the “Fox News Rundown” podcast Thursday to offer guidance to small businesses struggling through the Coronavirus pandemic. In it, Mark expressed an attitude of wanting to see US banks provide advances to people who have difficulty making money while waiting for government checks. Moreover, while the US Government may have pledged $ 1,200 to almost every US citizen, the three-week deadline is too long to wait for those most in need. Therefore, with some form of digital currency, like Bitcoin, none of this would be a problem.

Mark Cuban, an American entrepreneur, and investor

Mark Cuban: We are truly going to see the best of capitalism after the Coronavirus recession

Hours before Cuban joined the program, and the Senate approved a historic $ 2 trillion coronavirus relief package, $ 367 billion of which is allocated to assist small businesses.

Cuban called the program “unprecedented,” and encouraged business owners to call their local banks and inquire about “exactly what it takes for you to become part of this program.”

Cuban said:

“They’re terrified. The business has dried up from doing great last month or two months ago to almost nothing. And that’s terrifying to anybody who’s ever started a business. I’ve been in that circumstance before … but there are things that you need do to try to turn a huge negative into a positive.”

Steven Mnuchin, US Treasury Secretary, said:

“The checks could be sent out in two weeks. However, the logistics of sending out checks on the scale required may mean that Americans are left longer without the money. Of course, with some form of digital currency, like Bitcoin, none of this would be a problem.”

Pandemic coronavirus has many significant consequences, including the most frequent job loss. Up to 14 million Americans have been laid off. The numbers claiming unemployment are also the highest they have ever had. For US citizens living on a pay to get paid, $ 1,200 will bring relief to their worries.

Therefore, Cuban has urged US banks to start providing advances to those who need it most. For most citizens about to receive $ 1,200, the risk of doing so is minimal. He believes that money may have helped make the time more comfortable to understand for many.

Anyone know a very agile FDIC, SBA Preferred Lender Bank that I can work with to get cash advances into people’s hands ASAP, backed by their $1200 government payment ? The 3 week wait is too long. Let’s help people now. #CoronaKarma

— Mark Cuban (@mcuban) March 26, 2020

And at least one bank has publicly answered Cuban’s call. These are Citizens Bank of Edmond, Okla., A bank that was described as the “most innovative community bank” by Independent Banker last year, asked Cuban to contact its CEO directly about the idea.

Can Bitcoin provide a better way?

For those who have used digital currencies, it took two weeks or more to get $ 1,200, which is ridiculous. However, legacy systems are hardly known for their effectiveness.

Using a strict digital system, payments can be made much faster. It is even possible to build a system whereby all payments can go out on the same day as notifications. In a world where there may be Blockchain-based digital currencies, a paper check in the post seems like a tremendous waste of resources and time.

Bitcoin, the largest and most secure digital currency, can create an ideal candidate for such a system. However, there is one significant drawback to that – no central bank can suddenly create new Bitcoin.

The Federal Reserve efforts to stimulate the economy now based on its own ability to make money out of nothing simply. Making lots of banknotes usually doesn’t end well. Let’s see how it works this time.

Read more: