American billionaire and cryptocritic Mark Cuban has said he prefers owning gold to bitcoin, to continue reiterating his belief that the biggest crypto coin would not be a viable currency.
The Shark Tank investor favored the side of gold when asked about the value of gold that he holds given that gold has more utility than bitcoin.
Cuban, who owns a sum of bitcoin worth no more than $549 after the Dallas Mavericks began to accept the coin in 2019, said he had bought some jewelry that can be used at least to “make electronics”.
He further described bitcoin miners as contractors who usually follow the path achieving higher profits, sending a message that miners would never hesitate to abandon Bitcoin once a more profitable technology pops up.
“Two points. If miners were paid more for less compute for something else, why wouldn’t they switch? If a new tech comes along that could be added to the network and capture more than 51pct, why would the owner of that disruptive tech share it if they could take over?”
In an interview feature in September with Wired, the billionaire stated that he would “rather have bananas than bitcoin,” on the assumption that he “could eat bananas — bitcoin, not so much.”