2022-1-12 23:33 |
American billionaire entrepreneur Mark Cuban has come out to bash Bitcoin (BTC/USD), saying the flagship cryptocurrency cannot serve as an inflation hedge. In the same breath, the Dallas Mavericks owners said Dogecoin (DOGE/USD) is better suited for payments than BTC. Cuban shared these sentiments through a tweet earlier today.
Now do a 1 year performance comparison. I said Doge was good for spending and better than a lottery ticket. You still think btc is an inflation hedge ? It’s not and never will be. Doge/btc is flat last 30 days. #maxisgonnamaxi #btcisdigitalgold
— Mark Cuban (@mcuban) January 11, 2022Trying to prove his point, Cuban asked why anyone would ever spend BTC if they think it’s the future. He further noted that investing in DOGE means buying into a fun-packed community. Cuban praised DOGE, saying there are numerous places to spend it because it is similar to a non-perishable lottery ticket.
Cuban’s tweet was a response to Preston Pysh, the host of the Investors Podcast, who pointed out that the billionaire pumped DOGE in May 2021. Pysh added that DOGE is currently 80% since Cuban lauded the coin.
A conflicted stance on BTCWhile Cuban claims BTC cannot serve an inflation hedge, it is worth noting that his stance on the digital asset is conflicted. During an interview with BTC proponent Anthony Pompliano, the American billionaire said it is easier to trade bananas as a commodity compared to BTC.
He added that he could still eat that banana before it rots and get potassium for his workout, implying that BTC had no use.
Months later, he walked back on his bearish outlook on BTC, saying it was a financial religion that is better than gold. He contradicted his previous statement, noting that BTC is easy to trade, create, and store. Cuban added that BTC also enables the transfer of value locally and across the globe.
This news comes as BTC continues recovering from a prolonged bear market that saw it trade as low as $39,796.57 (£29,211.28) on January 10. At the time of writing, the leading cryptocurrency by capitalization is changing hands at $42,765.31 (£31,390.38) after gaining 3% over the past 24 hours.
On the other hand, DOGE is up 5.09% in the day to trade at $0.1519 (£0.11). The meme coin has a market cap of $19,896,427,226.00 (£14,603,878,101.75), which makes it the 12th-largest cryptocurrency.
The post Mark Cuban says BTC is not and will never be a hedge against inflation appeared first on Invezz.
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