Power Players

Mark Cuban says he'd rather 'have bananas than bitcoin' because they're more useful

Mark Cuban
Eric McCandless | ABC | Getty Images

"Shark Tank" investor Mark Cuban has never been one to hide his opinions, especially when it comes to cryptocurrency.

The billionaire said he would "rather have bananas than bitcoin," in a YouTube question-and-answer session with Wired posted Sept. 27.

"I could eat bananas — bitcoin, not so much," Cuban said.

In response to being asked why he "hates crypto," Cuban compared bitcoin to baseball cards, comic books and artwork, none of which have "intrinsic value," he said. And there is less you can do with bitcoin than a baseball card.

"Crypto is so complicated for 99% of the population," he said. "Do you put it in a device? Do you print it out? How do you keep it from being hacked? Who is going to host it for you?"

Cuban said he wasn't against crypto, but he thinks that people should be careful with it. To explain, he also compared it to gold: "Gold is a religion. People who are really into gold, they'll tell you that there's a bad depression and things go to hell in a handbasket, if you own gold then you'll be okay — no, you won't!"

Cuban has warned about the pitfalls of crypto before. In July, he criticized Facebook's recent venture into cryptocurrency in an interview with CNBC.

"I'm not a big fan of what they're doing there," Cuban said of Facebook's Libra coin. "I think it's a big mistake."

He explained the impact it could have on global markets, where there isn't regulation or government stability.

"I think globally and in countries where there isn't a lot of rule of law, or a lot of government stability, or currency stability, then it could be dangerous," he said.

Despite his remarks, Cuban has invested in multiple businesses built on cryptocurrency and blockchain in the past, including a digital token e-sports betting platform and a venture capital fund for crypto. In October of 2017, he told Bloomberg that he has personally bought bitcoin.

"If you're a true adventurer and you really want to throw the Hail Mary, you might take 10% [of your savings] and put it in bitcoin or ethereum," Cuban told Vanity Fair. "But, if you do that, you've got to pretend you've already lost your money."

Disclosure: CNBC owns the exclusive off-network cable rights to "Shark Tank."

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