A Shark Tank investor is outlining what he believes needs to occur for Bitcoin (BTC) to become popular as the superior form of gold.
Billionaire Mark Cuban claims that BTC suffers from a problem of relative utility and, as a result, lack of widespread adoption in a recent interview with the Bankless podcast.
According to Mark Cuban
“Part of the challenge for Bitcoin is, even with the Lightning Network, improving and becoming more popular. There’s not enough utility, but that’s the same problem gold has. Nobody needs gold jewelry. People like gold jewelry and want it, but they don’t need it. So there’s a utility issue with Bitcoin but, that said, like gold, it’s a good store of value.”
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The billionaire goes on to discuss his reasons for holding BTC in his portfolio and what he believes will eventually drive Bitcoin to new highs.
“It’s a better store of value when you’re trying to be diverse in your portfolio, and that’s why I own it. Because I think even though I have no idea where it’ll go, I have no idea how low it will go, but I do know that once there are applications with smart contracts not on Bitcoin but across crypto that regular people use and figure out, just like streaming was a better version of getting audio and video than traditional media was when there’s better reason to use crypto applications, that’s when it takes off.”
Bitcoin, according to Mark Cuban, functions as a form of virtual gold.
“I always analogize Bitcoin as it’s a better version of gold. It’s a digital version of gold and I truly believe that.”
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