Mobile Commerce Insider Featured Article

October 06, 2014

Billionaire Mark Cuban Doesn't See Future for Bitcoin

Billionaire investor and entrepreneur Mark Cuban is not a fan of Bitcoin. The man who has made his name outside of the sports world (he owns the Dallas Mavericks) by investing in companies big and small recently told Entreprenuer.com that he has stayed away from putting money into the digital currency.

“Nope, I haven’t invested in Bitcoin yet,” Cuban told the website while he was on the set of his television show, Shark Tank. “I go up and down on it.” Before these statements, the last time Cuban talked about Bitcoin he certainly didn’t seem like someone who was very “up” about the digital currency. Speaking in March at SXSW, he said he believes Bitcoin is great as an “encryption technology” but not as a cryptocurrency. He went so far to say that he didn’t believe the future was very bright for Bitcoin.

If Cuban does go up and down about the currency, he’s not alone. Apple is one company that has famously gone back and forth about whether or not the currency is trustworthy. Earlier this year, the Cupertino firm pulled all applications that had to do with Bitcoin out of its app store. Then, in June, the company reversed course and allowed them back in. Those applications are now not only going strong, but they are growing exponentially.

Cuban said the biggest problem with Bitcoin is the same issue he sees with gold. The billionaire doesn’t believe the big banks will ever let it succeed. Cuban also noted there are not a lot of mainsteam businesses that accept Bitcoin as payment. Perhaps the biggest slam Cuban made is that if he ever did decide to jump on the digital currency, it would be “just for fun” instead of an actual business investment.

Despite his concerns with Bitcoin, the currency is picking up steam in the U.S. Overstock.com has become one of the biggest retailers to accept it as payment and the first ATM which deals in Bitcoin just went up in Las Vegas this summer.




Edited by Maurice Nagle




Comments powered by Disqus


Related Mobile Commerce Insider Articles