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Home Cryptocurrency news Bitcoin

Bananas! Billionaire Shark Mark Cuban Calls Bitcoin More Religion Than Solution

Tony Spilotro by Tony Spilotro
1 month ago
in Bitcoin
Reading Time: 3min read
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Gold bitcoin coin on fresh bananas

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Bitcoin is now beyond its former high of $20,000 but billionaire tech entrepreneur, “shark” investor, and owner of the Dallas Mavericks Mark Cuban, still won’t change his stance on the cryptocurrency.

In the past, he’s said he’d “rather have bananas” than BTC, and now, he is doubling down on his skepticism claiming that Bitcoin is more “religion” than “solution” anyone needs. Is one of the brightest minds in tech and investing this wrong about cryptocurrencies, or is there a hidden message in Cuban’s quotes that investors in the emerging asset class should be wary of?

Mark Cuban Isn’t Bananas Over Bitcoin, Skepticism Unscathed

A year ago when Bitcoin was back at highs above $10,000 around mid-year, Mark Cuban answered questions on Twitter, and one of them was about the first-ever cryptocurrency.

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Cuban’s replied that he’d much rather have bananas over Bitcoin, because “a banana has more utility, [and] potassium, is a valuable nutrient to every person on the planet.”

It isn’t the first time Cuban commented negatively about the crypto asset, and his “shark” investor counterparts like Kevin O’Leary are also concerned critics.

Related Reading | Mark Cuban’s $4,000 Trickle Up Stimulus Could Provide Boost For Crypto

Recently, at the start of the month, Forbes asked Cuban his thoughts once again, and called cryptocurrency “fans” a “religion.”

“No matter how much [bitcoin] fans want to pretend that it’s a hedge against doomsday scenarios, it is not,” Cuban revealed to Forbes. “Countries will take steps to protect their currencies and their ability to tax, so the more people believe this is anything more than a store of value, the more risk of government intervention they face.”

bitcoin btcusd crypto mark cuban

Timeline: US government threats to Bitcoin have undoubtedly had an impact | Source: BTCUSD on TradingView.com

Church Versus State: A Showdown For Control Over Cryptocurrency Could Be Coming

The risk of government intervention Cuban is warning of, could be right around the corner. When Bitcoin was at $20,000 three years ago, the US government agreed to launch BTC Futures trading in an effort to “tame Bitcoin.”

They did, and the bear market resulted once the momentum was lost and shorting the asset became profitable.

At the height of the Facebook Libra-led rally in 2019, it was tweets from President Trump and Treasury Secretary Steven Mnuchin that marked the top. Fears of coming regulation caused an “altpocalypse” and Bitcoin turned bearish for a quick stint again.

As soon as Bitcoin approached $20,000 was when word got out that Mnuchin was considering banning self-hosted wallets, forcing cryptocurrencies to be held on centralized exchanges where hackers can access them, and defeating a core feature of the technology itself.

These could be signs, that as Cuban warns, the government is taking notice and preparing intervention. Money is how governments control and tax their citizens, and they won’t want to let that leverage slip through their fingertips.

Related Reading | New Cryptocurrency Act In Congress Classifies Assets Into Three Distinct Groups

But because Bitcoin has formed an almost religious-like following who are determined to not only hedge against doomsday-like scenarios but revolutionize the monetary system itself, the asset itself comes with an army of firepower.

Some of the world’s wealthiest and most intelligent entrepreneurs that will shape the future of the world over the next few decades, already own Bitcoin, and might not go down without a fight.

So while the government can try to intervene, the Bitcoin religion – and solution – is spreading, and it might be far too late to stop it.

Featured image from Deposit Photos, Charts from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTcryptomark cubanShark Tankxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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