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Mark Cuban prefers BTC to Gold
Mark Cuban is still bullish on Bitcoin and wants prices to continue to fall. During a podcast “Club Random” with host Bill Maher, the Shark Tank ‘shark’ said he wanted the BTC price to fall further so he could buy more.
The Shark prefers to invest in digital assets to Gold because the latter is not worth it.
“Gold is a store of value and so is bitcoin,” he added after Maher suggested a comparison. “ If everything went to hell in a handbasket and you had a gold bar you know what would happen? Someone would beat the fuck out of you or kill you and take your gold bar. It’s useless.”
Mark added that owning Gold in today’s era is like just owning a digital transaction, however he loves to invest in Bitcoin, not Gold and similar precious tangible items.
At the time of writing, Bitcoin was trading at $16,880.89 with a 24-hour trading volume of $12.4 billion.
The crypto industry is struggling through two winters right now. A string of bankruptcy filings and crashes will be the key highlights of this year. The Federal Reserve’s hawkish policy stance was meant to help the economy deal with rising prices, however, it is hurting in the short run. The Russia-Ukraine war, Terra (LUNA) crash and recent FTX collapse, are the key incidents that characterize this year’s ‘crypto storm.’
Mahrer argued that Bitcoin was not worth buying because it isn’t backed by anything. While Mark retorted, saying that even “having shares in 90% of the companies” was pointless.
In the 1 hour and 12 minutes long podcast, both host and the guest agreed that: San Francisco is no longer a favorable place to operate/run or establish a tech company–with Mark calling the California city as “pretentious.”
According to the World Gold Council, the international authority that sets standards and promotes adoption of Gold noted in its 2023 outlook that inflation and monetary policy would be the key in determining its performance.
The owner of NBA’s Dallas Mavericks remarked “An entire industry is getting pushed out.”
“The whole technology industry went from well, okay, this is growth, this is you know the new thing, and now, it’s just about people shitting on the street He added.”
Cuban is a seasoned investor and entrepreneur. He does not disagree or downplay the concept of Bitcoin or Blockchain, however he did express his concerns regarding BTC’s volatility. Back in 2017, he said investing in BTC was fine as long as it was done with spare cash and that it was a gamble.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
