Mark Cuban Believes Bitcoin is a Store of Value Not a Currency, Why he is Wrong

Billionaire technology investor and entrepreneur Mark Cuban believes bitcoin can’t scale to the level of centralized settlement systems like Visa and Mastercard and thus, considers bitcoin as a store of value.

Cuban Admits Bitcoin is a Robust Store of Value

In October, during an interview with Bloomberg’s Emily Chang at the Vanity Fair New Establishment Summit in Los Angeles, Cuban confirmed his investment in bitcoin through an exchange-traded fund (ETN) in Nordic Nasdaq, a Swedish stock exchange.

“It is interesting because there are a lot of assets which their value is just based on supply and demand. Most stocks, there is no intrinsic value because you have no true ownership rights and no voting rights. You just have the ability to buy and sell those stocks. Bitcoin is the same thing. Its value is based on supply demand. I have bought some through an ETN based on a Swedish exchange,” Cuban said at the time.

For many years prior to his first bitcoin investment last month, Cuban had continuously described the digital currency as a “bubble.” But, over the past few years, Cuban has started to understand the structure of bitcoin and the basis of its valuation…

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