Mark Cuban, the billionaire Shark Tank star and owner of the Dallas Mavericks basketball team, publicly praised Bitcoin while expressing doubts about investing in gold.
Cubans’ provocative comments about Bitcoin and gold came during an interview on an upcoming edition of comedian Bill Maher’s “Club Random” podcast. According to Maher, he hates bitcoin and is more optimistic about the value of gold. Regarding the topic of investing in gold, the owner of the Dallas Mavericks expressed his opinion saying, “If you own gold, you are stupid as s***.”
The Podcast host went on to say that gold will never get old and acts as a kind of hedge against other things. Cuban replied:
No, but it’s not a hedge against anything, is it? What’s safe that you don’t have ordinary gold, do you have? … Gold is a stored value, like bitcoin. -Mark Cuban
Cuban said that a person who has gold does not have too much gold; instead, all they have is a digital transaction that represents ownership of the gold. He made it clear that investors are not able to control precious metals.
Billionaire warned that if everything goes to hell and a conspiracy and someone has a bar of gold, someone will beat them to death or kill them and steal their gold. Cuban went on to say that this is what makes Bitcoin different from gold since its owners retain full control over the asset. It is a useful type of store that can also do digital shopping. During the podcast, Cuban talked about the practical applications of cryptocurrencies and said that Bitcoin is similar to gold because it can be used as a store of wealth.
According to him, individuals should consider the benefits of strategy and capacity before investing in cryptocurrency, as they would in any other asset class. The billionaire said that Bitcoin is a good currency, but he made it clear that he does not advise anyone to buy the crypto king.
Mark Cuban is Still Afraid of Bitcoin and Crypto
Despite the failure of FTX, which is one of the largest cryptocurrency exchanges in the world, billionaire Mark Cuban is still afraid of cryptocurrencies. Cuban said in the past that he believes that smart contracts, one of the main technologies for conducting cryptocurrency transactions, will have a great impact in creating a useful product that everyone can use.
The billionaire is optimistic that crypto will come back soon, despite the difficult year it has been through. However, he went on to say that this is what the market can do if there is more space in the research process.
Mark Cuban is a long-time crypto bull and has said in the past that he will accept one dogecoin token as payment for merchandise and Dallas Mavericks tickets. However, the price of dogecoin fell by 56% during the selloff that happened this year.