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Mark Cuban is High on Cryptos

Mark Cuban

Mark Cuban in Carnegie Library of Pittsburgh Video (screenshot)

Mark Cuban has gone back and forth in his opinion of cryptocurrencies like Bitcoin. Now Cuban seems to be high on them these days.

Cuban now calls bitcoin “the best store of value on the market.” He tweeted recently that it has “a HUGE advantage” in that it has “ZERO competition.” He added that it has “ZERO competition as a SOV.”

He said this because Bitcoin is a different kind of crypto in that it uses algorithms that people need to crack in order to “mine” the currency. Bitcoins are hidden and there is a limited supply of them.

Mark Cuban has never been a fan of cryptocurrencies. Cuban sees it as a fad with no intrinsic value. He once told Forbes, “It’s a store of value like gold that is more religion than solution to any problem. No matter how much BTC fans want to pretend that it’s a hedge against doomsday scenarios, it is not.”

Mark Cuban once said that he would run for President of the United States should Bitcoin ever break $1 million in value. The remarks came when the cryptocurrency broke the $35,000 mark for the first time. The obviously sarcastic remark was meant to show that he did not think that Bitcoin will continue to rise in value.

The owner of the Dallas Mavericks tweeted, “I’ll run if BTC gets to $1m AND we can get commitments to donate 350 BTC to the Treasury each of the 4 yrs so that we can give 1 satoshi to every citizen each yr, that they must hold for 10 years.”

In other Mark Cuban news, the billionaire was honored by Dallas County for his donation to its mental health program Dallas Deflects. The program will provide counseling and support for those with mental health and substance use disorders who could be arrested for low-level, nonviolent crimes. A $277,000 donation was made to the new program from the Mark Cuban Foundation.

At a Dallas Commissioners Court meeting, a resolution was passed recognizing Mark Cuban for his donation. The Dallas Morning News reported that Cuban responded by E mail saying that he, “just felt it was the right thing to do.”

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