Mark Cuban Shifts Views, Touts Bitcoin’s Monetary Model

Mark Cuban Shifts Views, Touts Bitcoin’s Monetary Model

Right when Bitcoin reached its new ATH at $28,000, a lot of cryptocurrency analysts have become very optimistic that its rally will be unstoppable. This run has changed some people’s views on the coin, possibly including the billionaire Mavs owner, Mark Cuban. In a tweet made on December 28, Cuban opined that public companies should follow the scarcity-based economic model of Bitcoin and stop issuing new shares of stocks. According to Cuban, this would help in the appreciation of their stock’s price.

Mark Cuban Warms Up to Bitcoin

This was among the few positive remarks that Cuban has made with Bitcoin recently.

“Public companies should learn a lesson from Bitcoin and commit to not issue new shares of stock. Ever. Their stock prices would immediately jump,” Cuban said.

But even before Cuban touted Bitcoin’s model, he had already made warming remarks about the coin last December 23. In a tweet Cuban made that day, he encouraged fans to purchase Mavericks gears with Bitcoin and receive a 25% discount.

And that’s not the only one he made. In a tweet last December 20 by Tesla CEO Elon Musk, Musk said that Bitcoin is almost similarly notorious as fiat. Cuban called it a “blasphemous” statement.

However, whether this actually reflects a genuine shift in mindset towards Bitcoin is yet to be seen. For now, we can only look back at the criticisms Cuban hurled against the coin many times in the past.

Cuban Has Had a History of Trashing Bitcoin in the Past

It wasn’t long ago, however, when we heard Cuban trash Bitcoin once. Last December 2019, Cuban made one of his first criticisms against the coin when he said that it had “no chance” of becoming a reliable currency. Back then, Cuban stated that Bitcoin “…was too difficult to use, too easy to hack, way too easy to lose, too hard to understand, too hard to assess in value.”

Fairly recently, in an interview with Forbes last December 17, 2020, Cuban piled up on his earlier remark and said that the coin was “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.”

Adam Robertson

Adam is outgoing young lad who likes adventures and discovering new things. Despite his boring life, He loves writing about cryptocurrencies and exploring what blockchain technology can do for the coming digital world where all adventures will be virtual.