Mark Cuban, a very outspoken critic of crypto, acknowledges that the Dallas Mavericks accept BTC as a payment option. While the amount Cuban holds is a mere $130 worth of the digital currency, it is certainly a start. Innovation and progress are often adopted at varying rates. Cornelius Vanderbilt made his first fortune in the shipping business, but upon realizing the impact of the railroad, he sold every single ship and invested the proceeds in railroads to become the rail magnate that history remembers. Now this is not to say Mr. Cuban will embrace blockchain based assets in the same manner, but it shows that even opponents of crypto should and must remain intellectually honest about crypto’s role in the new financial paradigm.
We are living in unprecedented times and governments and central banks around the world continue to “print money” for a variety of reasons. Stores of value are becoming more important as a hedge against inflation. Crypto certainly holds a place in that conversation. Whether it is as a store of value, a hedge against inflation, or a non-correlated asset, Bitcoin should have a place in every portfolio.
Beyond its use as an asset, cryptocurrency will eventually become just that, a currency. Whether it is for ease of use or as a health consideration in a world where physical interactions are limited (including passing cash back and forth) , transactions will increasingly be done digitally. As China moves to have a digital currency and there are calls for a digital dollar, the exchange mechanisms will be put in place to transact digitally. How difficult will it be to simply choose payment in digital dollars or payment in BTC?
In a world where what we knew to be truth yesterday is no longer so today, we should all have the mental malleability to question our prior beliefs. That maxim extends to the “anti-bitcoin” crowd. Kudos to Mark Cuban for at least dipping his toe into the crypto universe even if he is not a full blown HODLer yet.
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