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Mark Cuban took to Twitter to share his take on Bitcoin after Elon Musk sent shares of the cryptocurrency plummeting upon his announcement that Tesla would no longer be accepting the coin as a payment option.
Cuban, who owns the Dallas Mavericks, said that despite Musk’s opinion, the Mavs would still accept Bitcoin (as well as other crypto coins Ether and Dogecoin) as payment.
We at https://t.co/VUydpLFzGh will continue to accept BTC/Eth/Doge because we know that replacing Gold as a store of value will help the environment https://t.co/bs7NvnJY8A and https://t.co/ELhbuLOBRV shrinking big bank and coin usage will benefit society and the environment https://t.co/zu08F0STEQ
— Mark Cuban (@mcuban) May 12, 2021
“We know that replacing Gold as a store of value will help the environment,” Cuban wrote. “And shrinking big bank and coin usage will benefit society and the environment.”
Cuban linked out to two separate articles that explored the consumption of energy in bitcoin mining and how it is both necessary and renewable.
Twitter was less than thrilled with Cuban’s commentary, one user even calling the billionaire’s statement “nonsensical”.
Cuban are you serious with this tweet?
— XRP Researcher | XRP Investor (@XRPNews_) May 12, 2021
Cuban are you serious with this tweet?
— XRP Researcher | XRP Investor (@XRPNews_) May 12, 2021
In reality, who is really using crypto to buy Mavs tickets or merchandise? It's a cute gimmick but how many people are actually using this?
— Dr Jeff E’s Cat (@jrs101780) May 12, 2021
The more obvious observation here is that he’s not saying BTC/crypto as a technology is the problem
— Andy gould (@adgould) May 12, 2021
The problem is the way in which electricity is produced to run the networks
If anything, the energy demand from crypto should drive innovation
Maybe that’s Elon’s true aim here
You're missing the point here. This is a play to influence the use of clean energy. If others take a stand then progress can happen sooner. Use your powers for good. The long term play away from gold can still happen.
— Laura Kowalski (@lauraikowalski) May 13, 2021
Bitcoin was down nearly 10 percent as of early Thursday afternoon.