Mark Cuban, a well-known billionaire in the cryptocurrency space and a judge on the TV show Shark Tank, voiced his thoughts on gold and Bitcoin in a podcast episode. Here are the details…
Billionaire investor defends largest cryptocurrency
Cuban’s comments came on an upcoming episode of comedian Bill Maher’s “Club Random” podcast. The episode is scheduled to air on Monday. The Dallas Mavericks owner said he “wanted Bitcoin to go much lower” so that he could “buy some more.” As we reported on Kriptokoin.com, the prices of some popular cryptocurrencies have dropped significantly since the beginning of the year. Bitcoin is currently down 65 percent, while Ethereum and Cardano are down over 69-80 percent, respectively.
In response to Maher saying he’s investing in gold, Cuban said, “You know what? If you have gold, you are an idiot.” He also opposed the idea that investing in him was “a hedge against everything”. “Gold is a store of value and so is Bitcoin,” Cuban told Maher. Later, Cuban said, “Once you have gold, all you have is a digital transaction.” said. Maher, on the other hand, stated that this is the reason why we are “mostly not under”. Then Cuban said, “That’s okay. I don’t mostly use Bitcoin, do I? This is something that only I have,” his statements drew attention. In addition, Cuban used the following statements:
But it’s a digital transaction and a store of value – that’s the term for it, a store of value. So people perceive that there is a value associated with gold and a value associated with Bitcoin.
Cuban: Bitcoin is a good investment
He also said that while he didn’t tell people to “buy” the cryptocurrency, he thought Bitcoin was a “good investment.” Cuban has weighed in on cryptocurrency multiple times in the past, including the “Cavuto: Coast to Coast” show in February. He talked about crypto-related utilities on the show and said that Bitcoin is “like an alternative to gold” and “a store of value.”
He said people should approach investing in crypto like any other asset class, thinking about its “value proposition” and growth opportunities. Last month, amid the ongoing FTX scandal, Cuban told TMZ Sports that he continues to believe in cryptocurrency. “Just separate the signal from the noise,” Cuban told the outlet. “So a lot of people have made a lot of mistakes, but that doesn’t change the underlying value and practices of it,” he added.
