Mark Cuban, the billionaire proprietor of the Dallas Mavericks, defended Bitcoin this week whereas casting doubt on investing in gold.
In a Club Random podcast episode to be launched Monday, host Invoice Maher mentioned he’s “very anti-Bitcoin” and has invested in gold. He requested Cuban for his ideas.
Cuban, an avid crypto investor, replied, “I need Bitcoin to go down quite a bit additional so I should buy some extra.” He added, “If in case you have gold, you’re dumb as f***.”
Bitcoin has plunged greater than 60% in worth this yr.
Maher replied that gold is “like a hedge in opposition to all the things else,” to which Cuban replied:
“No, but it surely’s not a hedge in opposition to something, proper? What it’s is the shop worth and also you don’t personal the bodily gold, do you…Gold is a retailer worth and so is Bitcoin.”
The Shark Tank host continued, “It’s a digital transaction and it’s a retailer worth, that’s the time period for it, a retailer worth. So, folks understand that there’s worth related to gold, that there’s worth related to Bitcoin.”
He famous that investing in gold doesn’t typically imply that you just possess the precise gold. “You don’t personal the gold bar, and if all the things went to hell in a hand basket and also you had a gold bar, you understand what would occur? Somebody would beat the f*** out of you or kill you and take your gold bar.”
Cuban has slammed gold investing earlier than. In 2019, as an illustration, he mentioned in a Kitco News interview, “I hate gold. Gold is a faith.”
Cuban additionally lately weighed in on cryptocurrency trade FTX’s collapse, which has despatched shockwaves by the trade and spurred calls for crypto regulations. Referring to FTX’s former CEO and founder Sam Bankman-Fried, he mentioned in an interview with TMZ:
“I don’t know all the small print, but when I had been him, I’d be afraid of going to jail for a very long time. It certain sounds dangerous. I’ve really talked to the man and I assumed he was sensible, however boy, I had no concept he was going to, you understand, take different folks’s cash and put it to his private use. Yeah, that certain…looks as if what occurred.”
Regardless of the FTX collapse and its aftereffects, Cuban mentioned he nonetheless believes in crypto’s potential.
“Separate the sign from the noise,” he recommended. “There’s been lots of people making numerous errors, but it surely doesn’t change the underlying worth.”
He added on the Membership Random podcast that he’s “not telling folks to purchase Bitcoin,” although he nonetheless considers it a superb funding.
Mark Mobius, the billionaire co-founder of Mobius Capital Companions, lately predicted Bitcoin will fall to $10,000 next year, down from $16,800 right this moment. He was right about this yr’s fall to $20,000.
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