Mark Cuban: This is what it would take for me to change my mind about bitcoin (via CNBCMakeIt)
So what would it take for the "Shark Tank" investor to change his mind and comfortably support bitcoin?on Wednesday. "It would have to be completely friction-free and understandable by everybody first." So easy, in fact, that "grandma could do it."For one thing, bitcoin would have to become easier to use in payment transactions while shopping, he said.
"You've got to be able to spend it, because right now you still have to convert it for anything that you want. And as long as you have to convert it, you're still dependent on fiat [or government-backed currency]. No matter what you say," Cuban said on the podcast. Comparing bitcoin to bananas again, he added, "I can trade bananas easier as a commodity than I can trade bitcoin. And I can still eat that banana before they goes bad, and get all my potassium for my workouts!"
"With gold, at least there's gold coins – I could use gold bars as furniture. But with bitcoin, it's virtual, and that's its beauty and that's its problem," Cuban said on the podcast. "Now, the fact that we're arguing so much about it, and you have so many stands on bitcoin, that just proves the point that it's difficult," he said on the podcast. "And you can't spend it on anything."
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