Mark Cuban still doubtful on Bitcoin: “I go up and down on it”

Mark Cuban is still doubtful about Bitcoin, although recent comments suggest not as pessimistic as he was back in March.

Mark Cuban is still doubtful about Bitcoin, although recent comments suggest not as pessimistic as he was back in March.

Then, Cuban had told USA Today:

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“I think as an encryption technology it’s great. I think as a transport mechanism that it’s unique and has a great opportunity in the future. I think it’s got no shot as a long-term digital currency.”

He also compared bitcoin to gold, saying the “perceived value” of both is the main driver behind price swings.

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Recently, when asked if now he would put his money behind bitcoin, he was undecided. He reportedly told Entrepreneur.com:

“Nope, I haven’t invested in Bitcoin yet. I go up and down on it.”

He noted that “no one” he knows in traditional sales accepts and keeps bitcoins as-is. Instead, they are converted to fiat. It is therefore not a currency.

The billionaire is best known as the outspoken owner of the Dallas Mavericks, as well as being behind numerous other ventures. His recent venture activity is well described by Entrepreneur’s Kim Lachance Shandrow as a “motley mix of businesses, from the big (Magnolia Pictures, the Dallas Mavericks and Dropbox) to the small (a candied pretzel startup, a Snapchat-like texting app and a sippy cup maker).”

One may have thought that his outspoken, out-of-the-box, entrepreneurial character would be the ideal recipe for bitcoin advocacy, but this isn’t always the case.

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