Shark Tank star and Dallas Mavericks NBA team owner Mark Cuban says bitcoin is a good investment. The billionaire wants the price of the crypto-currency to drop further so he can buy more. Meanwhile, he insulted gold investors, calling them “morons“.
Mark Cuban prefers bitcoin to gold
Shark Tank star and billionaire Dallas Mavericks NBA team owner Mark Cuban shared his thoughts on bitcoin and gold in an episode of the podcast “Club Random“, hosted by comedian Bill Maher and scheduled to air Monday.
Bill Maher said he was “very anti-bitcoin” and believe in the value of gold. Commenting on investing in gold, the Dallas Mavericks owner said::
If you have gold, you’re dumb as a post.
The podcast host went on to say that gold “never goes away” and that it is “as a cover against everything else“. Cuban replied:
No, but it’s not a hedge against anything, right? It’s a stored value and you don’t own the physical gold, right? … Gold is a stored value, just like bitcoin.
“When you own gold, everything you own is a digital transaction. You don’t own the gold bar “, Cuban detailed, noting that investors do not actually own the actual gold. ” If everything went to hell and you had a bar of gold, you know what would happen? Someone would beat you up or kill you and take your gold bar“, warned Mark Cuban.
Acknowledging Mark Cuban’s criticism of gold, Bill Maher clarified, “We are not primarily in gold“. Cuban replied, “And that’s fine. I’m not primarily in bitcoin, right? It’s just something I own.“The Dallas Mavericks owner pointed out, “But it’s a digital transaction and it’s a store of value… So people perceive that there’s a value associated with gold, and there’s a value associated with bitcoin.“
While stating that bitcoin “is a good investment“, Cuban noted that he “doesn’t tell people to buy” cryptocurrencies. Mark Cuban added:
I want bitcoin to go much lower still so I can buy more.
Mark Cuban believes in the potential of crypto-currencies despite the crypto winter and the collapse of the FTX crypto exchange. He has previously explained that the FTX collapse is not a failure of crypto. While admitting that he doesn’t know all the details, he said that former FTX CEO Sam Bankman-Fried (SBF) should fear going to jail for a very long time.