Mark Cuban is a renowned entrepreneur, Dallas Mavericks owner, TV personality, and highly sought after interview. But a crypto expert he is not. In a far ranging interview the topic of Bitcoin and crypto were raised and ‘The Cubes’ was all over the place; at times sounding like a no-coiner and others like a hodler.
“I say it’s like gold. Gold is a religion: people who are really into gold — they’ll tell you that there’s a bad depression and things go to hell in a handbasket, if you own gold then you’ll be okay. No, you won’t! You carry around a gold bar — someone’s gonna hit your ass, knock you out and steal your gold bar and it’s gonna happen again and again and again. I’d rather have bananas, I can eat bananas. Crypto… Not so much.”
Comparing Bitcoin to gold is a reasonable position and not necessarily out of the mainstream. But that isn’t where he stops.
“Did you ever see someone who collected baseball cards? And they were really, really, really proud of their baseball cards because they kept saying they were going to go up in price? Comic books — same thing, even artwork. There’s no real intrinsic value, you can’t eat a baseball card […] Your artwork might look good on the wall but not much you can do with it. Bitcoin — there’s even less you can do with it: at least I can look at my baseball card […] I can look at artwork.”
I don’t know, the high end art markets have performed pretty well over the past decade. Cuban goes on to echo one of Warren Buffet’s lamest Bitcoin takes, connecting the digital asset to being valued at ‘whatever someone will pay for it’. Which of course is the literal definition of value in a free market economy. Lulz.
“Here’s the thing about crypto, particularly Bitcoin: Bitcoin is worth what somebody will pay for it.”
But as the interview comes to a close, Cuban comes full circle and all but proves that he probably holds some Bitcoin in his portfolio.
“Look, all I am saying is to be careful what you invest in. At worst Bitcoin and other cryptocurrencies are ‘stored value’, I’m not sure what they are at their best.”
Bananas, baseball cards, artwork, gold, and yet, stored value. A crypto expert Mark Cuban is not.