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Billionaire Entrepreneur Mark Cuban: 'Bitcoin Has No Shot as a Long-Term Digital Currency'

SEPTEMBER 26, 2014
Mark Cuban invests in a motley mix of businesses, from the big (Magnolia Pictures, the Dallas Mavericks and Dropbox) to the small (a candied pretzel startup, a Snapchat-like texting app and a sippy cup maker). And the list goes on and all over the board. But the veteran tech mogul isnt putting his money behind Bitcoin. Not yet.

Nope, I havent invested in Bitcoin yet, Cuban told Entrepreneur.com on the set of Shark Tank. I go up and down on it.

He seemed pretty down on it back in March, when he told USA Today at SXSW that he thinks Bitcoin is great as an encryption technology, but not as a cryptocurrency. Not for the long haul. The future, he predicts, isnt bright for Bitcoin as a cryptocash.

Related: Billionaire Entrepreneur Mark Cuban: 'Failure is Part of the Success Equation'

Like many, Cuban compares Bitcoin to gold and says central banks will never let it truly succeed. He also noted that no one that he knows in traditional sales who accepts it as payment keeps it as Bitcoin: They all translate it to dollars. And, if they convert the digital money to traditional fiat money, in his mind, its not a currency.

As a transport mechanism, an accounting digital transport mechanism, its unique and has a great opportunity in the future, Cuban told USA Today. I think its got no shot as a long term digital currency.

Related: PayPal Embraces Bitcoin Payments, Partners With BitPay, Coinbase and GoCoin

If the Dallas Mavericks owner ever does jump on the Bitcoin bandwagon, he says it would be purely for entertainment value. Id look at [buying] it, but more as fun. Its almost like buying and selling baseball cards, but theres definitely risk involved if youre looking at it to be a long-term currency.

Will Cuban ever break down and add Bitcoin to his ever-exploding portfolio? The jurys still out, he told us. Well have to wait and see.

To see Cuban size up some promising startups outside of the Bitcoin realm, tune in tonight to the Season Six premiere of Shark Tank from 8 p.m. to 10 p.m. ET/PT on your local ABC station.

Source: http://www.entrepreneur.com/article/237869