Bitcoin is now past its previous high of $ 20,000, but billion dollar tech entrepreneur, “shark” investor and owner of the Dallas Mavericks, Mark Cuban, is still not going to change his stance on cryptocurrency.
In the past, he said he would “prefer bananas” to BTC, and now he’s doubling his skepticism, claiming Bitcoin is more of a “religion” than a “solution” that anyone needs. Is one of the brightest minds in tech investing wrongly in cryptocurrencies, or is there a hidden message in the Cuban quotes that investors in the emerging asset class should be careful?
Mark Cuban is not a banana about Bitcoin, skepticism unharmed
A year ago, when Bitcoin hit highs above $ 10,000 again around the middle of the year, Mark Cuban was answering questions on Twitter, one of which was about the very first cryptocurrency.
Cubans replied that he would rather have bananas than bitcoin because “a banana is more useful, [and] Potassium is a valuable nutrient for everyone on the planet. “
It’s not the first time Cubans have made negative comments on the crypto asset, and its “shark” investors like Kevin O’Leary are also concerned about critics.
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Recently, earlier this month, Forbes asked the Cuban again for his thoughts, calling cryptocurrency “fans” a “religion”.
“No matter how much [bitcoin] Fans want to pretend it’s a hedge against doomsday scenarios, don’t they? “, The Cuban told Forbes. “Countries will take steps to protect their currencies and their taxability. The more people believe this is more than a store of value, the greater the risk of government interference.”
Timeline: US government threats to Bitcoin have undoubtedly had an impact | Source: BTCUSD on TradingView.com
Church Versus State: A cryptocurrency control showdown could come
The risk of government intervention, which Cubans are warning about, could be just around the corner. When bitcoin was at $ 20,000 three years ago, the US government agreed to start trading BTC futures to “tame” bitcoin.
They did, and the bear market resulted as soon as momentum was lost and short selling the asset became profitable.
At the height of the Facebook Libra-led rally in 2019, it was tweets from President Trump and Treasury Secretary Steven Mnuchin that marked the top. The fear of an imminent regulation triggered an “old cup” and Bitcoin turned bearish again for a short stay.
As soon as Bitcoin neared $ 20,000, it was revealed that Mnuchin is considering banning self-hosted wallets, holding cryptocurrencies on centralized exchanges where hackers can access them, and defeating a core feature of the technology itself.
These could be signs that, as the Cuban warns, the government is taking notice and preparing to intervene. Governments use money to control and tax their citizens, and they don’t want that leverage to go through their fingertips.
Related reading | New cryptocurrency law in Congress classifies assets into three different groups
But because Bitcoin has formed an almost religious following that is determined not only to hedge against doomsday scenarios but to revolutionize the monetary system itself, the asset itself has an army of firepower.
Some of the richest and smartest entrepreneurs in the world who will shape the future of the world over the next few decades already own Bitcoin and may not go down without a fight.
While the government can try to step in, the Bitcoin religion – and solution – is spreading and it could be far too late to stop.
Featured image from Deposit Photos, Charts from TradingView.com