In a recent interview, billionaire investor and entrepreneur Mark Cuban shared his thoughts on Bitcoin and gold. In particular, his choice of cryptocurrency was notable. Here are the details…
Mark Cuban chooses cryptocurrency over gold
The comparison between bitcoin and gold is getting more vivid. Although the sudden collapse of cryptocurrency exchange FTX has left a pretty bad taste for many investors, Mark Cuban still hasn’t given up on crypto. The billionaire turned against gold speculators as an obvious indication of his support for Bitcoin. In an episode of the “Club Random” podcast hosted by comedian Bill Maher and aired Monday, the owner of NBA team Dallas Mavericks shared his thoughts on gold and Bitcoin.
Cuban stated that Bitcoin is an excellent investment and he wants the price to drop further in order to buy more. Maher said he is “anti-Bitcoin” and believes in the value of gold. Currently, Bitcoin is trading at $16,857, up 0.6 percent over the past seven days, according to the data. The world’s largest cryptocurrency by market cap has lost more than 60 percent of its value this year. In response to Maher’s claim that he believed in the value of the yellow metal, Cuban said:
You know, if you own gold, you’re stupid. Gold is not a safe haven against everything. You cannot buy anything with gold. What are you going to do? Are you going to break some of the gold and trade? Gold is useless. I have more Bitcoin than gold. A lower price would be better for me. I’ll take more.
Cuban didn’t give up on cryptocurrencies
Since the beginning of the year, the values of other major cryptocurrencies have dropped significantly. The value of Ethereum and Cardano fell by about 70 percent and 80 percent, respectively. Cuban stated on Twitter last month that he remains interested in crypto as he believes in smart contracts, one of the core technologies that enable crypto transactions. Cuban stated on Twitter last month that the value of a token is determined by what it will be used for and how useful these applications are to consumers.
The market cap of all cryptos increased from around $1 billion in 2013 to $1.15 trillion in November 2021. This reflects both the price increase in 2013 and the increase in the total coins created. As of today, the total crypto market cap has dropped to $772 billion. According to data from TradingView, Bitcoin has a market cap of $323 billion. According to the data, the market value of gold rose from about $8 trillion to about $12 trillion over the same period.
cryptocoin.com As we reported, Cuban has expressed multiple opinions on cryptocurrencies in the past. He previously stated that the FTX debacle was not indicative of the failure of the cryptocurrency. He explained that former FTX CEO Sam Bankman-Fried should be worried about a long prison sentence.