Bitcoin is now beyond its former high of $ 20,000 but the billionaire technology entrepreneur, “shark” investor, and Dallas Mavericks owner Mark Cuban will still not change his stance on the cryptocurrency.
In the past, he said he would rather “get bananas” than BTC, and now doubles his suspicion by claiming that Bitcoin is more of a “religion” than the “solution” anyone needs . Is one of the brightest minds in the field of technology and this investment wrong about cryptocurrencies, or is there a hidden message in Cuban quotes that investors in the emerging asset class should be wary of?
Mark Cuban Is Not Bananas Over Bitcoin, Unquestioned Doubt
A year ago when Bitcoin was back at highs above $ 10,000 around the middle of the year, Mark Cuban answered questions on Twitter, one of which related to the first-ever cryptocurrency.
Cuba replied that he would much rather have bananas over Bitcoin, because “a banana has more utility, [and] potassium, is a valuable nutrient for everyone on the planet. ”
This is not the first time Cuba has commented negatively about the crypto asset, and its “shark” investor counterparts like Kevin O’Leary are also concerned critics.
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Recently, at the beginning of the month, Forbes asked his thoughts in Cuba again, and called cryptocurrency “supporters” a “religion.”
“No matter how much [bitcoin] fans want to pretend it’s a hedge against doomsday scenarios, it’s not, ”a Cuban revealed to Forbes. “Countries will take steps to protect their currency and tax ability, so the more people think this is anything more than a store of value, the greater the risk of government interference they are face. ”
Timeline: US government threats to Bitcoin have undoubtedly had an impact | Source: BTCUSD on TradingView.com
State Versus State: A Show For Control Over Cryptocurrency Could Come
The risk of government intervention that Cuba warns about, could be just around the corner. When Bitcoin was at $ 20,000 three years ago, the US government agreed to launch BTC Futures trading in an effort to “tame Bitcoin.”
They did, and the Bear
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At the height of the rally led by Facebook Libra in 2019, tweets from President Trump and Treasury Secretary Steven Mnuchin marked the peak. Upcoming regulatory fears caused an “altpocalypse” and Bitcoin bearish turned around for a quick time again.
As soon as Bitcoin approached $ 20,000 was when word got out that Mnuchin was considering banning self-sustaining wallets, forcing cryptocurrencies to be stored on central exchanges where hackers can access them, and defeating a core feature of the technology itself.
These could be signs, as Cuba warns, that the government is taking notice and preparing an intervention. Money is how governments control and tax their citizens, and will not want to let that leverage slip through their fingers.
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But because Bitcoin has formed an almost religious-like sequence and is determined to not only hedge against doomsday-like scenarios but revolutionize the financial system itself, the asset itself comes with an army of firepower.
Some of the world’s richest and most intelligent entrepreneurs who will shape the future of the world over the next few decades, already own Bitcoin, and may not go down without a fight.
So while the government may try to intervene, Bitcoin’s religion – and its solution – is spreading, and it might be far too late to stop it.
Featured image from Deposit Photos, Charts from TradingView.com