Bitcoin ‘Can Be’ A Reliable Financial Instrument After All: Mark Cuban

NEWS

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One of the most outspoken critics of Bitcoin (BTC) has delivered mixed messages about its reliability as a financial asset.

In comments to Forbes published on Dec. 10, Mark Cuban appeared to contradict himself on Bitcoin’s overall utility.

When asked whether or not the cryptocurrency could become a “reliable financial instrument,” the Dallas Mavericks owner gave two differing responses. “Not a chance,” he wrote at first. Subsequently, he added, “It is a collectible. If you consider art or gold a viable stable financial asset, then yes. It can be.”

Fiat fails to comfort Bitcoin deniers

While Cuban complained that investors were put off Bitcoin due to the difficulty in understanding how it works, the ambiguity of the comments highlighted what has become a common problem for Bitcoin skeptics — explaining why they are skeptical.

In a telling example last year, infamous naysayer Jamie Dimon, CEO of JPMorgan, told a Cointelegraph reporter that he was “not a skeptic” of Bitcoin when pushed to explain his previous claim it was a fraud.

Cuban appeared to set Bitcoin and gold on an unequal footing with fiat currency, something which Bitcoin proponents conversely deny.

As Cointelegraph often notes, figures such as Saifedean Ammous, author of “The Bitcoin Standard,” argue that it is Bitcoin’s limited supply which is among its biggest assets. Fiat, by contrast, faces unlimited manipulation and inflation, destroying value for those who hold or “collect” it.

Cuban has a history of rubbishing Bitcoin, in September suggesting he would prefer bananas over Bitcoin holdings.

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By William Suberg

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