Persist in error – Among the billionaires, it was already known that Elon Musk is a bigger and more fervent defender of Dogecoin (DOGE) than of Bitcoin (BTC). But the latter does not insult Bitcoin, unlike Mark Cuban, who definitely has a grudge against the king of cryptos.
Bitcoin “isn’t” an inflation hedge?
In September 2019, while a bitcoin was worth little more than $8,000, the billionaire mark cuban was already mocking Satoshi Nakamoto’s invention, saying that he preferred to “buy bananas” rather than BTC.
With a bitcoin price which, even after a recent drop, is still at +450% compared to that (not so distant) time, one would expect a bit of modesty following this error manifest. But it would be very bad to know Mark Cuban.
The owner of the Dallas Mavericks basketball team has indeed insisted once again on uselessness, in his eyes, of Bitcoin. During a recent skirmish with Preston Pysh on Twitter, Mark Cuban believes that Bitcoin will only be ” never “ a good inflation protection fiat currencies.
“(…) I said that DOGE was [au moins] good to spend, and better than a lottery ticket. Still think BTC is an inflation hedge? It is not and it never will be. (…)”
Mark Cuban prefers DOGE to Bitcoin!
It must be said that the billionaire actually seems to prefer a currency to be bad and does not create a desire to hoard it (keep) because it retains or increases in value over time, such asgold. As Bitcoin is increasingly viewed asdigital gold, we understand his detestation.
It is also for this reason that the investor preferred to give fans of his NBA team the possibility ofbuy tickets and derivative products in DOGE, not in BTC. According to him at the time, Dallas Mavericks fans would be more likely to spend the crypto doggie to the iconic Shiba, rather than their precious bitcoins.
On this last point, he is not necessarily wrong. But how would that challenge the fact that Bitcoin, by its nature deflationary and his fixed and limited quantity of units (21 million BTC and not one more), would not be a good store of value against inflation, at least in the long term?
Even giant funds, which manage hundreds of billions of dollars in assets, admit this possible role of Bitcoin as a protection against the depreciation of fiat currencies. For example, in August 2021, the private equity management company Neuberger Berman gave his wealthy investors exposure to Bitcoin for this reason.
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