Mark Cuban calls gold owners “dumb” and announces the purchase of bitcoin

The billionaire called the main condition for increasing his investments in the first cryptocurrency

27.12.2022 - 12:00

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2 min

Shark Tank investor and Dallas Mavericks owner Mark Cuban says he’s looking to buy more Bitcoin (BTC) but not at current prices.

In a new interview with Club Random podcast host Bill Maher, the billionaire says he continues to support Bitcoin and intends to buy more if it declines in value.

“I want Bitcoin to go down a lot further so I can buy some more.”

Cuban also says that he’s choosing Bitcoin over gold, a precious metal traditionally viewed as a hedge against fiat currency inflation.

“If you have gold, you’re dumb… No, it’s not a hedge against anything, right? What it is is a store of value and you don’t own the physical gold, do you? Gold is a store of value and so is Bitcoin…

You don’t own the gold bar, and if everything went to hell in a handbasket and you had a gold bar, you know what would happen? Someone would beat… you or kill you and take your gold bar. What are you going to shave a little piece of gold so someone weighs it? It’s useless.”

Cuban has defended crypto against its critics in the past, including last month after the fallout from the FTX collapse.

“These blowups have not been crypto blowups, they have been banking blowups. Lending to the wrong entity, misvaluations of collateral, arrogant arbs, followed by depositor runs. See Long Term Capital, Savings and Loan and Sub-Prime blowups. All different versions of the same story.”

Cuban also said he continues to believe in crypto’s potential in creating real-world applications.

“Why have I invested in crypto? Because I believe smart contracts will have a significant impact in creating valuable applications. I have said from day one, the value of a token is derived from the applications that run on its platform and the utility they create.”

This material is taken from the website dailyhodl.com.

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