The renowned investor defended Dogecoin but ruled out Bitcoin as a haven for fiat inflation. He said it is not and never will be a haven for fat inflation.
Billionaire investor and owner of the Dallas Mavericks basketball team, Mark Cuban, does not believe that Bitcoin could be a hedge asset for inflation.
In a reply on Twitter this week, the American businessman, known for his appearance on the Shark Tank series, shared his take on the flagship cryptocurrency. Cuban praised the doggy meme coin Dogecoin and dismissed Bitcoin as a haven for inflation from fiat currencies like the dollar.
Cuban said that Doge was good to spend and better than a lottery ticket. He wondered if people still think that BTC is a hedge of inflation and assured that it would not ever be.
The comment came in the middle of a Twitter discussion with YouTube personality Preston Pysh. The YouTuber asked him if he was the one pumping Dogecoin in early May and revealed it has now dropped by at least -80% since then.
The YouTuber tweeted these questions in response to a Cuban post in which the investor expressed his disgust at the lack of control of crypto spam on the social network.
Cuban Rules out Bitcoin as a Hedge
This statement is not the first time Cuban has highlighted that Bitcoin cannot be a haven for inflation. Although the businessman has defended cryptocurrency as a store of value asset and has even classified it as superior to gold, he does not consider that Bitcoin capacity is related to inflation protection.
At that time, Cuban had pointed out that proponents were using inflation hedging as a selling point for Bitcoin, just as they do with other narratives such as price-earnings ratios and buy and hold.
Shortly after, during his participation in the UpOnly podcast, he echoed these ideas. Cuban clarified that gold and Bitcoin shared the same narrative, and this narrative was affecting the digital currency. He said that gold got sold out of the situation just like Bitcoin.
Cuban said that the younger generations would trust Bitcoin because gold has no use in itself; it is useless.
Dogecoin is better as a Payment Method
The reputed investor has displayed a somewhat controversial view on Bitcoin in the past. In 2020 he assured that he preferred to buy bananas before investing in Bitcoin, although Cuban has been softening his position.
Last year, the businessman defended Bitcoin on various occasions and stated that the cryptocurrency is an asset superior to gold. However, he says that both are “financial religions.” He has also reiterated that the first digital currency does not serve as a payment method. Instead, he considers Dogecoin to be superior to Bitcoin in that regard.
“The Doge community is the strongest when it comes to using it as a medium of exchange,” Cuban stated in an August interview with CNBC. At the time, Tesla billionaire and CEO Elon Musk, an outspoken advocate for DOGE, agreed. Cuban had already revealed in early 2021 that he had bought Dogecoin for his son.
By: Jenson Nuñez
