Bitcoin has its fair share of critics in the financial world. There are many movers and shakers who are clearly not fans of bitcoin or any other cryptocurrency. There are many reasons for this. People like President Donald Trump do not consider it to be a real currency. Warren Buffett has also had his share of negative things to say about bitcoin. You can now add billionaire Mark Cuban to that list. He recently said on Twitter that he believes that gold is currently more useful than bitcoin. He feels that the value of bitcoin moves up and down far too often without any rhyme or reason for the fluctuations. Meanwhile, the price of gold is much more constant.
Cuban feels that investing your money in gold will help to keep it safe in the event of an economic crisis. Contrary to popular belief, bitcoin is not nearly as safe. In fact, you could end up losing a lot of your initial investment if you try to sell the bitcoin. There are many people in Hong Kong and Venezuela who have bought bitcoin in recent weeks because they no longer trust the banks in their countries to protect their money. Cuban feels that these people are being mislead. He strongly urges people in regions of the world that are not stable to buy gold. They will have a much easier time selling the gold and getting back all of their investment. There is also a great chance that they will be able to make a nice profit at the same time.
Mark Cuban has gone on the record many times about his distrust for bitcoin and cryptocurrency in general. He does not feel that crypto will ever be a viable currency in the United States. He feels that the wild price fluctuations will prevent many people from investing their money into it. There is a lot of logic in what he is saying.
Cuban has no problem debating the legitimacy of cryptocurrency on Twitter. He will answer question that are posed to him by fans of bitcoin. He feels that a public Twitter debate is a great place to prove all of those people wrong. He feels that bitcoin is a waste of time. He is amused at the passionate fan base that bitcoin has. This is why he takes every available opportunity to correct bitcoin fans when they make erroneous statements.
Dil Bole Oberoi
