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Shark Tank star and the Dallas Mavericks’ owner, billionaire Mark Cuban has shared his updated view on bitcoin after the price of the cryptocurrency hit all-time highs. He compared bitcoin to gold but believes that bitcoin is not a solution to any problem as countries will take steps to protect their currencies.

Mark Cuban Says Bitcoin Is More Like Religion

While the price of bitcoin repeatedly hit all-time highs last week, American billionaire, Shark Tank star, and the Dallas Mavericks owner Mark Cuban is still skeptical about the cryptocurrency.

He was quoted by Forbes in an article published on Thursday as saying, “My thoughts haven’t changed†about bitcoin, elaborating:

Bitcoin has often been compared to gold and touted as an inflation hedge. Making the same comparison, Cuban noted that “unlike gold, because of the finite number of BTC that will be available and the nature of HODLing, when demand outstrips supply, the price will go up and vice versa.â€

Several renowned hedge fund managers and financial analysts have even said that bitcoin will likely outperform gold, including billionaire hedge fund manager Stan Druckenmiller. Deutsche Bank’s analysts recently said that investors are increasingly choosing bitcoin over gold to hedge against the dollar risk and inflation. More companies and institutional investors are also moving their funds from gold to bitcoin, including British investment firm Ruffer.

“I think the whole conversation about BTC or any crypto replacing fiat currency is counterproductive,†Cuban asserted. “No matter how much BTC fans want to pretend that it’s a hedge against doomsday scenarios, it is not,†he claimed, emphasizing:

Cuban also believes that central banks will come up with some alternatives if necessary, including central bank digital currencies (CBDCs). “As we see in China and elsewhere, countries are more than capable of creating their own alternatives,†he opined.

The owner of the National Basketball Association’s (NBA) Dallas Mavericks concluded that “BTC is what it is, something that enough people have agreed upon is an investable asset.†Nonetheless, he insisted that “A banana has more utility, potassium is a valuable nutrient to every person on the planet, but as long as people accept BTC as a digital version of gold, its investable.†In September last year, he told Wired that he would “rather have bananas than bitcoin,†emphasizing that he could at least eat a banana.

Meanwhile, Cuban’s Shark Tank co-star Kevin O’Leary said early this month that he is ready to put 5% of his portfolio into a bitcoin exchange-traded fund (ETF).

Do you agree with Mark Cuban about bitcoin? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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