Billionaire entrepreneur Mark Cuban, who has long been a prominent crypto critic, says he believes Bitcoin can store wealth.
In September of last year, Cuban called Bitcoin a collectible that he’s not interested in, saying he’d rather have a banana than the top cryptocurrency.
At the time, Cuban was uncertain of whether Bitcoin could be a viable store of value.
Now, Cuban says BTC is currently a store of value, noting that demand for the scarce asset is clearly outstripping supply.
“Obviously I’m not ignoring it. I view it like any other technology. There are pluses and minuses and many globally trying to improve upon it.
The odds favor those trying to improve upon it. It currently works as [an] SOV (store of value) with demand outstripping supply, so people are interested.”
Cuban tells CNBC that he believes crypto assets will never replace traditional currency, nor will it ever be a hedge against global economic calamity.
“No matter how much [Bitcoin] fans want to pretend that it’s a hedge against doomsday scenarios, it is not.
Countries will take steps to protect their currencies and their ability to tax, so the more people believe this is anything more than a store of value, the more risk of government intervention they face.”