Bitcoin is only valid for what you think someone will pay for it, this is the message of Shark Tank Mark Cuban. In one interview With co-host Kevin O’Leary, Cuban made it clear that he was not a fan of cryptocurrencies and more specifically Bitcoin. This may not seem surprising to the billionaire businessman, but what is surprising is that he thinks blockchain has intrinsic value.
Mark Cuban: I do not own cryptocurrencies
Mark Cuban declares that he does not own any cryptocurrency. The reason he gave is because his assessment of it is completely different from the majority of investors. Especially with Bitcoin, when many people value it as a store of value. But value only comes from those who see the value within it.
When asked whether Gold has more than Bitcoin to store value, he replied:
“… I don't like both, because I've never been a fan of Gold.”
Cuban argues that people buy Bitcoin and Gold because they believe that if some event (such as an epidemic) occurs, then others (potential buyers) will be willing to buy them at that value.
The investment billionaire's argument coincided with the classic debate on the cryptocurrency community a few days ago, the subject of which was “Is Bitcoin a safe haven?” Recent events have shown that Bitcoin is not a safe haven but a risky asset.
Cuban said that “it is a pure investment tool”. So what about blockchain?
Blockchain has intrinsic value
Mark Cuban acknowledges that blockchains have specific use cases, which means they can have intrinsic value.
In one example, the Shark Tank investor talked about how blockchain brings efficiency, transparency, security and independence for businesses. This brings utility to the blockchain.
Cryptocurrencies enable blockchain and their importance is still needed for the ecosystem. But are they too expensive?
One might argue that some currencies are influenced by other factors. The influence of whales, pumps, FOMOs and inflations means it is almost impossible to determine the true price of a cryptocurrency.
There are also acceptance, token burning, and other issues specific to each project. For example, Bitcoin price in 2017 was $ 19,000, in 2018 its price dropped to $ 3,000 and at the time of writing was $ 8,700.
Despite these changes, it is still clear that cryptocurrencies are the future.
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