Mark Cuban says Bitcoin is not and never will be an inflation hedge

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Dallas Mavericks owner Mark Cuban argued that Bitcoin (BTC) cannot be considered a hedge against inflation. He again felt that Dogecoin (DOGE) is better suited for payments than the main cryptocurrency.

It is not and never will be

Over the past two years, US billionaire Mark Cuban has displayed a controversial stance on bitcoin. At the start of 2020, he was clearly not an advocate of the main cryptocurrency, claiming that it is easier to trade bananas than BTC.

He later started to soften his point of view, and last year he described it as a financial religion, which is better than gold. Contrary to his previous negative comments, he went on to point out that the asset was easy to trade, store and create.

In a recent verbal clash with prominent YouTube personality Preston Pysh on Twitter, however, Cuban said BTC would never become an inflation hedge.

Now compare the performance over 1 year. I said Doge was good for the expense and better than a lottery ticket. Do you still think btc is an inflation hedge? It is not and never will be. Doge / btc is flat in the last 30 days. #maxisgonnamaxi #btcisdigitalgold

Mark Cuban (@mcuban) January 11, 2022

Not long ago, his NBA team started accepting bitcoin and other crypto payments for game tickets and merchandise on their online store. However, the club owner explained that fans are unwilling to spend their bitcoins as they prefer to hold the asset for the long term, expecting its price to rise over time.

On the other hand, many use Dogecoin for purchases because they have a totally different attitude towards the token itself:

We sell thousands and thousands of dollars a month during the off-season, and once the season starts I would expect this to happen weekly in Dogecoin and that’s really because it’s easy to spend, it doesn’t appreciate so much that people want to keep it forever.

Watch the performance of DOGEs for the past year

In his most recent tweet, Cuban reiterated that Dogecoin is good for spending and better than a lottery ticket.

Cuban added that he may have lost ground during the cryptocurrency’s current decline, but has scored a notable performance over the past 12 months. As of this writing, DOGE is up almost 1,700% on a 12-month timeframe.

Speaking about his personal investment in the meme, Cuban recently revealed that he increased it from $ 500 to $ 1,500, explaining that he bought a few more for fun. At the time, he was describing Dogecoin as a way to understand how digital assets work, not as an effective investment tool:

I never told anyone it was a great investment, I have often said that it is a great way to understand how cryptocurrency works, how to invest in the market.

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