The billionaire investor says Bitcoin does not have much utility and the idea of BTC being a hedge against inflation is “ridiculous.”
Bitcoin (BTC) does not impress tycoon Mark Cuban. In an interview with the YouTube channel, Crypto Banter last Saturday, February 11, 2022, the star of the US version of the reality show aimed at entrepreneurship Shark Tank said that he does not see any use in the main cryptocurrency on the market and revealed that his main investments are concentrated in two Blockchain networks. The “billionaire shark,” as people also know him, said he is looking for a “viral cryptocurrency app.”
As for Bitcoin, he said that the cryptocurrency is not very useful and that the idea that the cryptoactive can serve as a “shelter” against the different threats of inflation is “ridiculous”, which, for the business mogul, is no more than a marketing slogan.
“You can tell me everything you want about El Salvador. But El Salvador has to buy its Bitcoins in dollars, like everyone else, right? So there is nothing special,” he explained.
A Blockchain enthusiast, the billionaire did not hesitate to reveal the main cryptocurrencies in his digital portfolio, “Bitcoin is a great store of value, but Ethereum (ETH) and Polygon (MATIC), a lot of which I own, you can start to see the utility. More and more applications are starting to be seen, and we will see what happens with Ethereum 2.0 in terms of GAS rates. I think Polygon has done a great job, and there are other Blockchain trying to do the same,” he argued.
Mark Cuban also revealed that he is looking for a “viral cryptocurrency app” to make new investments, as he highlighted that Blockchain networks are in a “death war” over users. At the time, he cited Instagram’s “lukewarm” start before it became popular.
“So everyone got it, (Instagram) went viral. We did not get that first viral, mainstream, crypto-based app. We will. That’s what I’m looking for in terms of investments,” he added.
In January this year, Mark Cuban revealed that apart from Shark Tank, 80% of his new investments are in crypto assets and added that he has not focused on price speculation around cryptocurrencies such as Bitcoin and Dogecoin (DOGE), as reported by Cointelegraph.
Mark Cuban does not Believe that Bitcoin Serves as a Hedge for Inflation
In a recent Twitter post, Cuban stated that “Now do a 1-year performance comparison. I said Doge was good for spending and better than a lottery ticket. You still think btc is an inflation hedge? It is not and never will be. Doge/btc is flat last 30 days.”
As on previous occasions, Cuban praised the doggy memecoin Dogecoin and dismissed Bitcoin as a haven for the inflation of fiat currencies such as the dollar.
The comment came in the middle of a Twitter argument with YouTube personality Preston Pysh. “Weren’t you the one pumping Dogecoin in early May? Now it has dropped -80% since then,” the youtuber had tweeted in response to a publication by Cuban, in which the investor expressed his disgust at the “lack of control” of crypto spam on the social network.
Dogecoin Is Better as a Payment Method, Claims Cuban
“The Doge community is the strongest when it comes to using it as a medium of exchange,” Cuban said in an interview last August with CNBC. At the time, billionaire and Tesla CEO Elon Musk, who is also an outspoken supporter of DOGE, agreed. Cuban had already revealed in early 2021 that he had bought Dogecoin for his son.
In his most recent tweet, the investor reiterated that Dogecoin is “good to spend and better than a lottery ticket”, something he had already said last year. He added that while the memecoin has lost ground significantly amid the current massive price correction in the market, its performance over the past year remains remarkable.
Currently, DOGE is up nearly 1,700% over the course of a year. The dog-like cryptocurrency is down 70% from its all-time price high of $0.68 reached last May. Dogecoin is trading around USD $0.15.
By Audy Castaneda
