Mark Cuban Says Bitcoin Is Not and Will Never Be an Inflation Hedge
The owner of the Dallas Mavericks – Mark Cuban – argued that Bitcoin (BTC) could not be considered a hedge against inflation. He once again opined that Dogecoin (DOGE) is better suited for payments than the primary cryptocurrency.
‘It’s Not And Never Will Be’
Over the past couple of years, the American billionaire Mark Cuban has displayed a controversial stance on bitcoin. At the beginning of 2020, he was clearly not an advocate of the primary cryptocurrency, saying it is easier to trade bananas than BTC.
Later on, he started softening his viewpoint, and last year he described it as a financial religion, which is better than gold. Contrary to his previous negative comments, he then highlighted the asset as easy to trade, store, and create.
During a recent verbal clash with the prominent YouTube personality Preston Pysh on Twitter, though, Cuban said BTC will never become an inflation hedge.
Now do a 1 year performance comparison. I said Doge was good for spending and better than a lottery ticket. You still think btc is an inflation hedge ? It’s not and never will be. Doge/btc is flat last 30 days. #maxisgonnamaxi #btcisdigitalgold— Mark Cuban (@mcuban) January 11, 2022
Not long ago, his NBA team started accepting bitcoin and other crypto payments for game tickets and merchandise on its online store. However, the club’s owner explained that fans are not keen on spending their bitcoins as they prefer to hold the asset long-term, expecting its price to increase in time.
On the other hand, many employ Dogecoin for purchases as they have an entirely different attitude towards the meme token:
“We sell thousands and thousands of dollars per month during the off-season, and once the season starts, I expect that to happen per week in Dogecoin – and that’s really because it’s easy to spend, it doesn’t appreciate so much that people want to hold it forever.”
Look at DOGE’s Performance for The Past Year
In his most recent tweet, Cuban reiterated that Dogecoin is “good for spending and better than a lottery ticket.”
Cuban added that it might have lost some significant ground during the current cryptocurrency dip, but it has marked a notable performance for the last 12 months. As of writing these lines, DOGE is up nearly 1,700% on a 12-month timeline.
Speaking of his personal investment in the meme coin, Cuban recently revealed he had increased it from $500 to $1,500, explaining he bought “a little bit more for fun.” Back then, he described Dogecoin as a way to understand how digital assets function, not a successful investment tool:
“I’ve never told anybody it’s a great investment, I’ve often said it’s a great way to understand how cryptocurrency works, how to invest in the market.”