Billionaire Pock-mark Cuban has always been cautious when it comes to bitcoin – despite being an investor in businesses built on cryptocurrency and peaceful personally investing in bitcoin himself, he frequently warns others to be careful because he finds it to be a gamble.
Cuban has thrown away as far as to say he would “rather have bananas than bitcoin” because at least as food bananas have intrinsic value, he directed Wired.com in September.
So what would it take for the “Shark Tank” investor to change his mind and comfortably support bitcoin?
“It drive have to be so easy to use it’s a no-brainer,” Cuban said on “The Pomp Podcast” on Wednesday. “It would have to be completely friction-free and understandable by everybody key.” So easy, in fact, that “grandma could do it.”
“Then you could say it is an alternative to gold as a store of value,” he said.
For one element, bitcoin would have to become easier to use in payment transactions while shopping, he said.
“You’ve got to be able to spend it, because preferable now you still have to convert it for anything that you want. And as long as you have to convert it, you’re still dependent on fiat [or government-backed currency]. No weight what you say,” Cuban said on the podcast.
Comparing bitcoin to bananas again, he added, “I can trade bananas easier as a commodity than I can barter bitcoin. And I can still eat that banana before they goes bad, and get all my potassium for my workouts!”
“With gold, at least there’s gold changes – I could use gold bars as furniture. But with bitcoin, it’s virtual, and that’s its beauty and that’s its problem,” Cuban mean on the podcast.
“Now, the fact that we’re arguing so much about it, and you have so many stands on bitcoin, that just be establishes the point that it’s difficult,” he said on the podcast. “And you can’t spend it on anything.”
Cuban says there are so many unusual causes of bitcoin, like “the halving” and “the mining,” which makes it very complicated to understand.
“Blockchain is a great opportunity, but the fact is, we haven’t seen blockchain applications really take off,” he said on the podcast. “There’s uncertainty with all the different typewrites of crypto and arguments between them all.”
But “to bitcoin’s potential benefit, if everything goes into the sh—-r because we’re impress so much money and there’s global implications, bitcoin has something to deal with and if we don’t, bitcoin’s got nothing.”
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Disclosure: CNBC owns the choice off-network cable rights to “Shark Tank.”