Mark Cuban says that Bitcoin has an advertising problem
The owner of the Dallas Mavericks and billionaire investor from Shark Tank says that bitcoin is interesting, but we don't need to convince him of that.
We need to convince everyone else.
According to Cuban, the Mavericks starting taking bitcoin as a form of payment back in 2015 and again this year, which resulted in a total of 5 transactions.
FIVE.
That means that people used bitcoin a total of 5 times in order to purchase tickets or other Mavericks' merchandise.
According to Cuban, that is the whole problem with bitcoin, no one uses it.
His exact quote:
"BTC is available in this country and many others for almost no cost. The percentage of consumers choosing it as a methodologically for payment or SOV is infinitesimal. It's almost free and few want to use it. We started taking BTC in 2015 and again last yr with 5 total trx."
"You don't have to convince me. You need to convince your neighbors. If they don't see value, that is the problem you need to solve. I'm not opposed to BTC . I understand every argument being made.The world is littered with great products/services that failed for lack of consumers."
(Source:
)https://twitter.com/mcuban/status/1205141177818898432
- mcuban
So, how do we fix his negative perception surrounding bitcoin?
According to Mark, we actually get people to start using it.
He literally said that exact thing.
He doesn't care about any of the technical aspects, he just cares about usage from customers:
"Lots of people are trying to change my mind. My mind will be changed not by technical discussions about fiat currency, sharpe ratios, valuation projections, protocol comparisons , etc . It will be changed by actual usage by consumers, who choose BTC over the many other options."
(Source:
)https://twitter.com/mcuban/status/1205139623363653633
- mcuban
(Source: https://u.today/mark-cuban-says-hes-not-opposed-to-bitcoin-but-it-has-serious-problem)
Is he right?
In my opinion, yes and no.
His statement about no on using it is incorrect.
There was literally hundreds of billions of dollars of on-chain transaction volume last year (not exchange traded volume).
Using that data, bitcoin is technically more widely used (in dollar terms) than Venmo, PayPal, and Apple Pay.
Not only that, but looking at the data over time suggests that usage/adoption is increasing.
Number of transactions, number of wallets, hate rate, etc etc are all near or at all time highs.
So, while Mark is right that not many people (currently) want to use bitcoin to buy Mavericks tickets, that doesn't mean that bitcoin isn't being used all over the world for different reasons/purposes.
Perhaps at some point bitcoin will be more widely used for things like Mavericks tickets, though I don't see that as coming any time soon, but I don't think that is a bad thing.
See my thoughts on store of value in previous posts...
https://steemit.com/bitcoin/@jrcornel/btc-if-bitcoin-were-to-replace-gold-it-would-be-worth-usd400k
Stay informed my friends.
-Doc