Mark Cuban, who was a strong critic of Bitcoin, admits now that it is a good store of value. There are a lot more who transformed from BTC critics to BTC supporters due to the high potential of crypto.
Cuban Changes his View about Crypto
Cuban gave very discriminatory comments over the top digital asset in September 2019 and claimed he would like to buy a banana rather than Bitcoin. But his viewpoints about it have now completely changed with top digital asset claimed $24,000 over cryptocurrency exchanges.
He explained that the demand for the flagship digital currency is outshining its supply, which shows that people are taking it as a store of value. He claims he is not ignoring crypto but sees it like other new technologies. According to Cuban:
“Obviously I’m not ignoring it. I view it like any other technology. There are pluses and minuses and many globally trying to improve upon it.
The odds favor those trying to improve upon it. It currently works as [an] SOV (store of value) with demand outstripping supply, so people are interested.”
While talking with CNBC, he, however, has not accepted that Bitcoin is a good hedge asset against global macro uncertain events. And there is no race or comparison between digital currency and traditional or fiat currency because governments would never allow Bitcoin to replace national currencies. “Countries will take steps to protect their currencies and their ability to tax,” he added.
Several other Wall Street billionaires are praising the high potential of the world’s leading digital currency as it is an asset that has given the largest return over investment since the beginning of the year.
After the entry of insurance companies and pension firms in the crypto space, the narrative of Bitcoin as a hedge asset against central banks’ loose policies has become strong. For instance, giant US insurance firm MassMutual injected $100 million into the king digital asset and it is just a start. Similarly, pension fund company Jefferies has reduced its BTC holdings to purchase BTC. He allocated 5% of its funds into the top digital asset after a reduction of gold allocation from 50% to 45%. Jefferies’s executive Chris Wood claimed that exposure to BTC would increase if the price value shows some correction.
At press time, the price value of Bitcoin is standing at $23,564 after an increase of 2.64% in the last 24-hours.