Billionaire Mark Cuban Says Bitcoin and Gold Have No Intrinsic Value

American billionaire and Shark Tank investor Mark Cuban revealed that he does not own any cryptocurrency and would prefer to keep it that way.

Cuban made an appearance on fellow Shark Tank investor Kevin O’Leary’s YouTube show where he discussed the value of cryptocurrency and the impact of the coronavirus on global markets. 

Cuban was asked his opinion on bitcoin compared to precious metals such as gold, to which he replied:

I prefer neither right now.

The billionaire Mavericks owner argued that crypto and gold are both valued in similar ways and both rely upon a market of potential buyers to grow in value.

He said that “with bitcoin, some people value it as a store of value, which makes it like baseball cards, art [and] gold.” He continued, adding that people want to invest in gold “because they think, if certain circumstances occur, there will be other potential buyers at that value.”

Despite having a negative stance towards investing in cryptocurrency, Cuban was bullish on the outlook for blockchain, 

When people say there’s no intrinsic value to crypto, they don’t really look at the value of blockchain. Blockchain in general does have at least a basic intrinsic value […] not as high as what crypto trades for.

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