Towards the end of last year, Tech billionaire Mark Cuban asserted that he would choose bananas over bitcoin as the former is more useful. When asked why he was so much against the top cryptocurrency, he claimed that it lacks intrinsic value as it is basically like artwork or a baseball card.
Just last month, the Dallas Mavericks owner stated that he currently does not own any type of cryptocurrency. However, according to his recent comments on a podcast show, he owns a small amount of bitcoin.
Mark Cuban Reveals His Bitcoin (BTC) Coffers
To be clear, American billionaire Mark Cuban is no fan of bitcoin. He has stated on multiple occasions that the cryptocurrency is simply too complicated to gain mainstream adoption. He even told Forbes last December that he sees “no chance” of bitcoin ever becoming a reliable currency.
Speaking during Anthony Pompliano’s podcast show this month, Mark Cuban, who made the bulk of his fortune during the dotcom era, went on to slate bitcoin – just like he has done in the past. However, he revealed that he owns a small amount of the OG cryptocurrency.
The Dallas Mavericks basketball team sealed a deal with crypto payment processor BitPay in mid-August 2019, making it the second NBA team to accept bitcoin payments for tickets and promotional merchandise.
During the interview with Pomp, Cuban revealed how much bitcoin (BTC) the team has amassed so far:
“We’ve put it up for the Mavs. We did it originally four years ago and no one bought anything. Now we’re taking Bitcoin—please, go buy everything in Bitcoin. I’m fine with that, right? I think we’ve brought in $130.”
He stressed, “that’s all the Bitcoin I own right now.”
Cuban then reiterated his negative stance on bitcoin, citing that he would support the cryptocurrency if it was easier to use and if it could be seamlessly spent without having to convert it to fiat.
When asked what it would take for him to change his mind on the digital asset, he told the Morgan Creek co-founder that it “would have to be easy to use it’s a no-brainer”, adding that bitcoin “would have to be completely friction-free so even grandma can do it”.
Despite his disparaging remarks, Cuban has previously invested in cryptocurrency-based businesses including a digital token e-betting sports platform and a crypto venture capital fund.
Moreover, Cuban seemingly suggested that bitcoin could benefit due to the Fed’s money-printing bazooka as it tries to buffer the economy from the damage caused by the COVID-19 crisis. He told Pompliano:
“To bitcoin’s potential benefit, if everything goes into the shitter because we’re printing so much money and there’s global implications, bitcoin has something to deal with and if we don’t, bitcoin’s got nothing.”
Although he’s yet to change his opinion of bitcoin, his $130 worth of BTC could double in value before he knows it – especially with the imminent miners’ reward halving which is typically bullish for the bitcoin price.