Mark Cuban, the owner of the American professional basketball team Dallas Maverick, has recently spoken about the reason why he decided to keep holding Bitcoin (BTC) and what he thinks could aid the flagship crypto to new heights.
In a recent interview with Bankless podcast, the billionaire investor stated that Bitcoin (BTC) is facing challenges of inadequate utility, which is negatively impacting its mainstream popularity.
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On why he keeps holding Bitcoin, Cuban said the digital asset is a better store of value when diversification of investment is an option. He also discussed what he thinks could push Bitcoin to new price highs.
The Shark Tank investor also said Bitcoin (BTC) is operating as a digital form of Gold. So, he believes the crypto asset is a good choice for investment.
Read Also: Billionaire Mark Cuban: Ethereum (ETH) Has the Most Upside Potential for Investment
Mark Cuban noted:
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.
“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.
“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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