Mark Cuban's Old Take On Bitcoin Being Like Baseball Cards 'So Wrong And So Very Right,' Says Macro Guru

Five years ago, Mark Cuban, the well-known “Shark Tank” host, called Bitcoin BTC/USD and Ethereum ETH/USD “collectibles” with no intrinsic value. 

What Happened:  In an interview with Hayman Capital’s J. Kyle Bass, Cuban had described himself as a digital currency “spectator."

"If they were truly currencies, you wouldn't try to convert them or value them based off of other currencies. [Their value] would just be intrinsic," Cuban said.

Cuban also speculated that the value of so-called cryptocurrencies derives from their scarcity.

"If you're a true adventurer and you really want to throw the Hail Mary, you might take 10% and put it in Bitcoin or Ethereum," he added. "But if you do that, you've got to pretend you've already lost your money. It's like collecting art, it's like collecting baseball cards, it's like collecting shoes. Something's worth what somebody else will pay for it. It's a flyer, but I'd limit it to 10%."

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Why It Matters: Macro guru Raoul Pal on Sunday said he found Cuban's take regarding cryptocurrencies to be" fascinating," saying that Cuban’s views were both "so wrong and so very right at the same time."

Over the years, Cuban's stance on Bitcoin has significantly changed. In an episode of Club Random podcast with host Bill Maher, released in January 2023, Cuban shared his views on investing — specifically, why he believes investing in gold is a bad idea.

"I want Bitcoin to go down a lot further so I can buy some more," he said. "If you have gold, you’re dumb as f***," he said.

Price Action: BTC was trading at $27,283.20, up 1.63%, in the last 24 hours, according to Benzinga Pro.

 Read More: Bitcoin, Ethereum, Dogecoin Rise Amid Investor Optimism: Analyst Says Buy King Crypto When ‘There’s Blood On The Streets,’ Predicts $35K Level

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