Bitcoin is considered by many investors as a hedge against inflation thanks to its performance in recent years. However, Mark Cuban doesn't share this belief
American billionaire investor and the owner of the Dallas Mavericks, Mark Cuban, recently stated that he doesn't think Bitcoin is a hedge against inflation. There is a long-standing debate in the crypto space and beyond regarding Bitcoin's real use case.
Some people believe that Bitcoin functions as a currency and is best used as a payment option for goods and services. However, another group believes that Bitcoin is a store of value and a hedge against inflation.
Cuban doesn't believe in Bitcoin's role as a hedge against inflation. The billionaire investor made his opinion known during a recent verbal clash with the prominent YouTube personality Preston Pysh on Twitter. He said:
"Now do a 1 year performance comparison. I said Doge was good for spending and better than a lottery ticket. You still think btc is an inflation hedge? It's not and never will be. Doge/btc is flat last 30 days."
Cuban hasn't always been a fan of Bitcoin. At a certain point, he stated that he believes it is easier to trade bananas over Bitcoin. However, he later admitted that Bitcoin is a financial religion and it is better than gold.
The Dallas Mavericks owner is a huge fan of Dogecoin and went on to discuss his preference for the leading meme coin. He said Dogecoin is a better option for paying for goods and services ahead of Bitcoin. Cuban added that;
"We sell thousands and thousands of dollars per month during the off-season, and once the season starts, I expect that to happen per week in Dogecoin – and that's really because it's easy to spend, it doesn't appreciate so much that people want to hold it forever."
The cryptocurrency market has been in a bearish trend since the start of the year, with Bitcoin currently trading around the $41k region over the past two days.