Billionaire Mark Cuban reveals why he owns Bitcoin and names the catalyst that will take BTC to new heights
A shark tank investor lays out what he thinks needs to happen for Bitcoin (BTC) to take off as the better version of gold.
In a new interview with the Bankless podcast, billionaire Mark Cuban says BTC faces a problem of relatively little use and consequent lack of mainstream popularity.
“Part of the challenge for bitcoin is to improve and become more popular, even with the Lightning Network. There’s not enough utility, but that’s the same problem that gold has. Nobody needs gold jewelry. People like gold jewelry and want it, but they don’t need it. So there is a utility issue with bitcoin, but again, like gold, it is a good store of value.”
The billionaire then explains why he keeps BTC in his portfolio and what he thinks will propel Bitcoin to new highs.
“It’s a better store of value if you’re trying to diversify your portfolio and that’s why I own it. Because I think while I have no idea where it’s going, I have no idea how deep it’s going to go, but I do know that one day there will be smart contract applications, not on bitcoin but on crypto that ordinary people will use and find out just like streaming was a better way to get audio and video than traditional media, if there is a better reason to use crypto applications then it takes off.”
Cuban also says that Bitcoin works as a kind of digital gold.
“I always analogize bitcoin as it is a better version of gold. It’s a digital version of gold and I really believe in it.”
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