Even bananas are a better commodity than bitcoin

Even bananas are a better commodity than bitcoin
CONTENT

  • Cryptocurrencies are directly dependent on fiat money

  • Bitcoin cannot be used for its intended purpose

  • Cryptocurrency trading is absolutely not profitable for investors

  • Even bananas are a better commodity than bitcoin

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Billionaire entrepreneur and notorious crypto skeptic Mark Cuban has repeatedly stated that he does not consider bitcoin a valuable asset. In one of the discussions, he told Anthony Pompliano, co-founder of investment company Morgan Creek Digital, that he is ready to change his mind if the crypto coin is easier to buy and sell than gold. However, this will definitely not happen in the near future, Kuban is sure..

Even bananas are a better commodity than bitcoin

Mark Cuban himself noted that the price of bitcoin directly depends on fiat money. At least for now. To buy MTC or, conversely, to sell and withdraw funds, conversion of fiat money is required. That is, bitcoin cannot yet exist separately and independently of national currencies, therefore it cannot be considered a full-fledged means of payment. In addition, the very procedure for buying and selling bitcoin, as well as withdrawing fiat money, is very complicated. It is much easier to use credit bank cards, which are accepted in any country in the world.

Cuban stated that even bananas are a better commodity than bitcoin. He argued his position by the fact that he can freely sell bananas to any country, but bitcoin cannot, since some states have already introduced restrictions on the turnover of cryptocurrencies. Among them is Russia. If the banana cannot be sold, then it can be eaten until it goes bad. With bitcoin, everything is much more complicated – its value can be reduced by half in just a few hours, and the coin holders simply will not have time to sell the cryptocurrency.

In addition, Cuban has repeatedly insisted on the difficulty of using bitcoin. The entire blockchain system seems incredibly confusing and incomprehensible to him. The billionaire emphasizes that the holders of the crypto coin cannot spend it on what they want, which means that there is no point in investing in this asset.

Even bananas are a better commodity than bitcoin

Regarding the use of Bitcoin as an alternative defensive asset that is not subject to inflation, Cuban responds that the coin can never outperform the dollar. However, the businessman does not share the US policy on the additional issue of $ 1.7 trillion. According to the expert, the United States is “just playing the American Dream”, trying to maintain its dominance with a huge amount of money. Cuban said the coronavirus crisis would help redefine values ​​by American companies. In the main place for employers should be employees and only then own bank account and shareholders. Indeed, during a crisis, it is the staff of the company that is able to keep it afloat..

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