During an interview conducted by Anthony Pompliano, Cuban assured that bananas have less volatility than Bitcoin, and that the digital currency does not have properties that favor its adoption as a means of payment.
The well-known investor in the financial markets, Mark Cuban, assured that he is not a fan of Bitcoin and that he would rather buy bananas instead.
The billionaire investor's remarks came in during an interview last week on The Pomp Podcast, led by Morgan Creek Digital co-founder Anthony Pompliano. There Cuban shared his perspective on digital currency, assuring that his main weakness is that it still does not work as a means of payment as if it were fiat money.
In this regard, Cuban commented:
Bitcoin should be much easier to use. You must be able to spend in digital currency... because at this moment you have to convert it [into fiat currency] for whatever you want. And as long as you have to make that conversion, you still depend on the government-backed legal tender.
Cuban: "I prefer to buy bananas before Bitcoin"
Cuban's controversial comments came to place when evaluating the historical evolution of the price of Bitcoin in recent years, since despite being very lucrative, the strong volatility and the lack of a safe floor lead to abrupt falls that can lead to large losses for investors.
In that order of ideas, the investor assured that in his view, the banana market is much more attractive because of its stability, and that is why he prefers the latter over Bitcoin.
Regarding a possible change in perspectives, Cuban assured that in order to improve the vision he has about Bitcoin, the most important thing is that its use be less complex and that it offers a freedom of use that does not imply its conversion to government-backed currencies and banks. These aspects, in the billionaire's opinion, strongly compromise its adoption despite what was seen at the end of 2017.
In this regard, he commented:
In order to compete in the market, Bitcoin should be completely friction-free and understandable to everyone... Easy enough for grannies to use with complete confidence.
Bitcoin as the new digital gold?
Regarding the utility of Bitcoin as a store of value, Cuban noted that he disagrees with the idea that the cryptocurrency appears as the new digital gold despite the fact that for many it works in this way, since its intangible and virtual nature may well be attractive as well as counterproductive.
In this regard, Cuban commented:
With gold, at least there are physical coins... or you could use bullion as furniture [to sit on]. But with Bitcoin... we are talking about something virtual, and that may well be the source of its beauty as well as its main problem.
Opportunities in the current situation
However, despite the operational and adoption drawbacks present in the digital currency, Cuban assured that the current economic situation could represent a great opportunity for Bitcoin.
In this sense, the investor assured that there were many potential dangers to the financial ecosystem in the United States, precisely in light of the actions undertaken by the Treasury Department and the Federal Reserve to incentivize the local economy, carrying out the impression of large amounts of money to avoid a possible economic collapse.
In this order of ideas, Cuban commented:
For Bitcoin's potential profit, if it all goes wrong because we are printing a lot of money with strong global implications, the digital currency would have something to contend with. If the scenario is different, Bitcoin has nothing to figure against.