Bitcoin is now past its previous high of $ 20,000 but the billionaire tech entrepreneur, “shark” investor and owner of the Dallas Mavericks Mark Cuban, still won’t change his stance on the cryptocurrency.
In the past, he said he “preferred bananas” to BTC, and now he’s doubling down on his skepticism by claiming that Bitcoin is more “religion” than “solution” that anyone needs. Is one of the brightest tech minds and is he improperly investing in cryptocurrencies, or is there a hidden message in Cuban quotes that emerging asset class investors should be aware of?
Mark Cuban is no banana over bitcoin, skepticism unscathed
A year ago, when Bitcoin was back at peaks of over $ 10,000 in the middle of the year, Mark Cuban answered questions on Twitter, and one of them was about the very first cryptocurrency.
Cuban replied that he much preferred bananas over Bitcoin, because “a banana is more useful, [and] potassium, is a valuable nutrient for everyone on Earth. “
It’s not the first time Cuban has reacted negatively to crypto assets, and his ‘shark’ investor counterparts like Kevin O’Leary are also concerned critics.
Related reading | Mark Cuban’s $ 4,000 Trickle Up Stimulus Could Boost Crypto
Recently, at the beginning of the month, Forbes once again asked Cuban for his opinion, calling cryptocurrency ‘fans’ a ‘religion’.
“Doesn’t matter how much [bitcoin] fans want to pretend it’s a cover against doom scenarios, it’s not, ”Cuban revealed to Forbes. “Countries will take steps to protect their currencies and their ability to collect taxes, so the more people believe this is more than a store of value, the greater the risk of government intervention.”
Timeline: US government threats to Bitcoin have undoubtedly had an impact | Source: BTCUSD on TradingView.com
Church vs State: A showdown for control over cryptocurrency could come
The risk of government intervention that Cuban warns about could be around the corner. When Bitcoin was at $ 20,000 three years ago, the US government agreed to launch BTC Futures trading in an effort to “tame Bitcoin. “
They did, and the bear market resulted once the momentum was lost and the shortening of the asset became profitable.
At the height of the Facebook Libra-led rally in 2019, it was tweets from President Trump and Treasury Secretary Steven Mnuchin who marked the summit. Fears of upcoming regulation triggered an “altpocalypse” and Bitcoin turned bearish again for a quick stint.
As soon as Bitcoin approached $ 20,000, that became known Mnuchin considered banning self-hosted wallets, which keeps cryptocurrencies held in centralized exchanges that hackers can access, defeating a core feature of the technology itself.
These could be signs as Cuban warns, the government takes note and prepares intervention. Money is how governments control and tax their citizens, and they don’t want to let that power slip through their fingertips.
But because Bitcoin has formed an almost religious-ish following determined not to be alone hedge against doom scenarios but revolutionizing the monetary system itself, property itself comes with an army of firepower.
Some of the world’s richest and most intelligent entrepreneurs who will shape the world’s future for decades to come, already owns Bitcoin, and perhaps not without a struggle.
So while the government may try to intervene, the Bitcoin religion – and the solution – is spreading, and it may be far too late to stop it.
Featured image from Deposit Photos, Charts from TradingView.com