Mark Cuban: Bitcoin is ‘more religion than solution’ and won’t help in ‘doomsday scenarios’

Mark Cuban: Bitcoin is ‘more religion than solution’ and won’t help in ‘doomsday scenarios’

Although bitcoin has tripled in value this year, billionaire Mark Cuban remains cautious about the cryptocurrency, as he has been for years."My thoughts haven't changed" Cuban told Forbes of the cryptocurrency on Dec. 8 — eight days before bitcoin hit a record high of $20,600 on Wednesday — for a story published Thursday. Bitcoin, Cuban said, is not a currency, it is "a store of value...that is more religion than solution to any problem."And bitcoin or any cryptocurrency will not replace fiat, or government-backed, currency, he said."No matter how much [Bitcoin] fans want to pretend that it's a hedge against doomsday scenarios, it is not," Cuban said. "Countries will take steps to protect their currencies and their ability to tax, so the more people believe this is anything more than a store of value, the more risk of government intervention they face." Those who argue in favor of Bitcoin often say it is a hedge against inflation and the U.S. dollar, and that it will survive any economic or infrastructure collapse (except for downed internet), comparing it to gold.Cuban agrees bitcoin is like gold in that it is a store of value, but because by its code the supply of bitcoin