Mark Cuban defends Bitcoin, saying anyone who invests in gold is “dumb as a f***”.
Mark Cuban, the billionaire owner of the Dallas Mavericks, defended Bitcoin this week and expressed doubts about investing in gold.
in one club coincidence Podcast episode set to be released Monday, host Bill Maher said he was “very much anti-bitcoin” and believed in the value of gold.
Cuban replied, “I want bitcoin to go down a lot more so I can buy more.” He added, “If you have gold, you’re a damn dumb.”
Bitcoin has fallen more than 60% in value this year.
Maher responded that gold “never goes away” and is “like a hedge against everything else,” to which Cuban responded:
“No, but it’s not insurance against anything, right? What it is is the stored value, and you don’t own the physical gold, do you… Gold is a stored value, and so is bitcoin.”
That shark tank The host continued, “It’s a digital transaction and stored value… So people perceive that there is value attached to gold, there is value attached to bitcoin.”
He noted that investing in gold generally doesn’t mean you actually own the gold. “You don’t own the bullion, and if it all went to hell in a hand basket and you had a bullion, you know what would happen? Someone would beat you up or kill you and take your gold bar.”
Cuban has previously criticized gold investments. For example, in a 2019 interview with Kitco News, he said, “I hate gold. Gold is a religion.”
Cuban also recently commented on the collapse of cryptocurrency exchange FTX, which sent shockwaves through the industry and prompted calls for crypto regulation. Regarding former CEO and founder of FTX, Sam Bankman-Fried, he said in an interview with TMZ:
“I don’t know all the details, but if I were him I would have been scared of going to jail for a long time. It sure sounds bad. I actually spoke to the guy and thought he was smart but boy did I have no idea he would take other people’s money and use it for his own personal use. Yes, that’s for sure… seems like the way it happened.”
Despite the collapse of FTX, Cuban said he still believes in crypto’s potential.
“Separate the signal from the noise,” he suggested. “A lot of people have made a lot of mistakes, but that doesn’t change the underlying value.”
He added club coincidence Podcast that he “isn’t telling people to buy bitcoin,” although he still thinks it’s a good investment.
Mark Mobius, the billionaire co-founder of Mobius Capital Partners, recently predicted that Bitcoin will fall to $10,000 next year, compared to $16,800 today. He was right about this year’s drop to $20,000.
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