Bitcoin is only worth what you think someone will pay for it. This has been Shark Tank’s Mark Cuban message. In an interview with his co-host Kevin O’Leary, Cuban made it very clear that he is not a fan of cryptocurrencies and more specific Bitcoin. This comes as no surprise from the billionaire. But surprisingly, he thinks that Blockchain has intrinsic value.
Mark Cuban: I Own No Crypto
Mark Cuban has made it clear he holds no crypto. This he primarily notes is because he values it differently from most people invested. Especially with Bitcoin, people value it as a store of value. But the value only comes from people seeing the value in them.
Gold over Bitcoin to store value?
“..I prefer neither right now, coz I have never been a fan of Gold”
Cuban has argued that people buy Bitcoin and Gold because they believe that if certain events (like an epidemic) take place, others (potential buyers) will be available to buy at that value.
His argument falls in the classic debate across the crypto community a few days ago. Is Bitcoin a safe haven? Recent events have shown that Bitcoin is not a safe haven but a risk asset.
Cuban completes talking about cryptocurrencies saying that he thinks its pure speculation. What about blockchain?
A Blockchain Is Effectively A Software
Mark Cuban has admitted that there are specific use cases for blockchain, this means they can have intrinsic value. But this is not as high as the cryptocurrencies trade for.
In an example, the Shark Tank investor talks about how blockchain brings efficiency, transparency, security, and independence to businesses. This gives blockchain utility.
Cryptocurrencies enable blockchain and their importance remains vital to the ecosystem. But are they overpriced?
One might argue that a number are influenced by a number of other factors. Whale influence, pumps, FOMO and hype mean its almost impossible to determine the true price of a cryptocurrency.
There is also the matter of adoption, token burns and other factors unique to every project. Price is valuable, for example, Bitcoin in 2017 was at $19,000, in 2018, it fell to $3,000 and at the time of writing this, $9K.
Despite these changes, it remains clear that cryptocurrencies are the future.