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The owner of the Dallas Mavericks believes that Bitcoin would be a nett benefit for society and the economy as it replaces the legacy financial system.
Billionaire investor Mark Cuban will not pursue Tesla CEO Elon Musk’s lead and discontinue funding for Bitcoin (BTC) payment.
On Wednesday, in response to Musk, Dallas Mavericks owner Mark Cuban stated that the Mavericks will continue to accept Bitcoin, Ether (ETH), and Dogecoin (DOGE) as payment methods for tickets and merchandise.
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 said, adding that “reducing large bank and coin usage will benefit society and the environment.”
Musk announced on Wednesday that Tesla would no longer allow Bitcoin payments due to the carbon footprint involved with BTC mining. Musk’s announcement almost certainly prompted a major price correction, with Bitcoin falling below $50,000 and the total crypto market capitalisation falling by more than 10%.
The Tesla CEO has also doubled down on his Bitcoin mining energy concerns with a follow-up tweet on Thursday morning alluding to energy usage trends, which Musk characterized as “insane.”
Bitcoin mining energy consumption remains a point of contention, as well as a common narrative for BTC commentators who often espouse the “ocean boiling narrative.” Several Bitcoin supporters, however, argue that miners are consumers of last resort for clean energy suppliers.
Musk abandoning Bitcoin payments for Tesla also coincides with the company’s carbon credit aspirations. According to a report by Reuters on Wednesday, the electronic vehicle manufacturing giant is among one of eight firms with pending applications at the United States Environmental Protection Agency.
Back in April, U.S. President Joe Biden set a 2030 net-zero emission goal likely making the multi-billion-dollar U.S. carbon credit market all the more enticing for companies like Tesla. The global carbon credit market reportedly grew 20% in 2020 to reach $272 billion, according to data from financial analysis firm Refinitive.