Get the scoop on finance - sign up for mobile alerts
Categories: Bitcoin
| On
June 28, 2022

Billionaire Mark Cuban Reveals Reason He Owns Bitcoin, Names Catalyst That Will Push BTC to New Heights

By Daily Hodl Staff

A Shark Tank investor is laying out what he thinks must happen for Bitcoin (BTC) to take off as the better version of gold.

In a new interview with the Bankless podcast, billionaire Mark Cuban says BTC faces a problem of relative lack of utility and resulting lack of mainstream popularity.

ADVERTISEMENT

“Part of the challenge for Bitcoin is, even with the Lightning Network, improving and becoming more popular. There’s not enough utility, but that’s the same problem gold has. Nobody needs gold jewelry. People like gold jewelry and want it, but they don’t need it. So there’s a utility issue with Bitcoin but, that said, like gold, it’s a good store of value.”

The billionaire then explains why he keeps BTC in his portfolio and what he thinks is bound to push Bitcoin to new highs.

“It’s a better store of value when you’re trying to be diverse in your portfolio, and that’s why I own it. Because I think even though I have no idea where it’ll go, I have no idea how low it will go, but I do know that once there are applications with smart contracts not on Bitcoin but across crypto that regular people use and figure out, just like streaming was a better version of getting audio and video than traditional media was when there’s better reason to use crypto applications, that’s when it takes off.”

Cuban also says Bitcoin works as a type of digital gold.

ADVERTISEMENT

“I always analogize Bitcoin as it’s a better version of gold. It’s a digital version of gold and I truly believe that.”

I

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
&nbsp
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Sergey Nivens/Nikelser Kate