Despite claims that Bitcoin is hampered by lack of knowledge among the general public and less good substitutability for goods without the need to convert fiat, Kuban says that Bitcoin can succeed if economic crises accelerate and “everything goes to hell “.
Mark Kuban’s Swordsmanship on BTC Until Grandmothers Learn to Use It
Asked what would be needed to change his position of skepticism about Bitcoin, Kuban said , “It must be so easy to use that no thought is given.”
“It has to be understood by everyone, and then you can say that it is an alternative to gold as a reserve of value. So even your grandmother can handle it. The fact that we are arguing so much on this topic and that there are so many different positions on Bitcoin is proof that it is really difficult to understand. “
Bananas are easier means of payment than Bitcoin
Kyuban argues that Bitcoin is a cumbersome medium of exchange through its lack of flexibility to pay for goods and services without being converted to fiat currencies.
“I can trade bananas more easily as a commodity than I can trade with Bitcoin, and I can still eat that banana before it breaks down.”
Kuban talks about the brief support for Bitcoin payments at the Mavericks Online Store four years ago, stating that ” no one was buying anything.”
Following the introduction of fan support and ticket purchases at BTC in August 2019, Kuban estimates that the payment method has brought in $ 130 dollars, adding, “this is all Bitcoin I currently own.”
Mark Kuban: Bitcoin can be useful if “everything goes to hell”
Although Kuban acknowledges that blockchain can offer great opportunities, he states that “we have not actually seen any of the applications of technology really come to fruition. I understand all the arguments, I saw all the graphs, I understand all the potential problems with fiat “ , adding:
“This is of potential benefit to Bitcoin if it all goes to hell because we print so much money and it has global consequences. […] And if we don’t, Bitcoin will have nothing. “