One of Bitcoin’s biggest mainstream critics says the top cryptocurrency can be a store of value after all.
In a new conversation with Bitcoin maximalist Preston Pysh, billionaire entrepreneur Mark Cuban issues a rare compliment to BTC. But he maintains that Bitcoin has zero chance of becoming a global reserve currency and challenging the US dollar.
It can be a store of value. But the conversation started with the challenges of the current federal reserve system. He isn’t wrong about the system. But he is wrong about the fungibility of btc and it’s ability to impact society as a replacement for the current system
— Mark Cuban (@mcuban) June 5, 2020
Late last year, Cuban said bananas are more useful to him than Bitcoin.
“I’d rather have bananas. I can eat bananas. Crypto, not so much. Look, I can make a great argument for blockchain. There’s a lot of applications and they’ll be used.
But you don’t need public Bitcoin, BTC. You can create blockchain on your own without using all the available cryptocurrencies.”
Bitcoin’s utility has been a recent topic of contention with Goldman Sachs’s recent report dismissing the leading cryptocurrency as a legitimate asset class.
Meanwhile, analysis from companies such as Bloomberg have drawn parallels between Bitcoin and gold and have projected that the digital asset will reach $20,000 before the end of the year.
Gold, also known as a store of value, was never intended to replace the U.S. dollar. In the same way, Cuban posits that Bitcoin will never replace the U.S. dollar, an opinion that Bitcoin maximalists may disagree with.