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Mark Cuban prefers gold to Bitcoin – Forex Crunch

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  • Cuban said that the Bitcoin miners are contractors who join the network only to pocket rewards.
  • Cuban owns $549 worth Bitcoin after his NBA team Dallas Mavericks started to accept it in 2019. 

Mark Cuban, an American investor, had earlier stated that Bitcoin had no chance to become a viable cryptocurrency. Recently, he addressed the everlasting debate between Bitcoiners and gold enthusiasts, stating that he prefers gold. Cuban owns $549 worth Bitcoin after the Dallas Mavericks started to accept it in 2019. Upon asking how much gold he owns, Cuban said that he has bought some jewelry. 

No. But I bought jewelry with gold in it and have seen how it’s used to make electronics.

Bitcoin bull, Anthony Pompliano, called Cuban’s attention to the fact that Bitcoin represents the strongest computational network, which undoubtedly has a lot of value. 

Each miner is competing to provide as much computing power as possible for the lowest cost. That competition drives innovation in mining. I don’t think this is disrupting BTC but maybe I’m misunderstanding what you’re saying. 

Cuban was unimpressed with this and replied:

Two points. If miners were paid more for less compute for something else, why wouldn’t they switch? If a new tech comes along that could be added to the network and capture more than 51pct, why would the owner of that disruptive tech share it if they could take over?

 

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