Billionaire Mark Cuban, the owner of the US NBA team Dallas Mavericks, defended bitcoin this week and questioned investing in gold.
In an episode of the “Club Random” podcast released Monday, host Bill Maher said he is “a staunch opponent of bitcoin” and believes in the value of gold.
Cuban replied: “I hope the price of Bitcoin continues to fall so that I can buy more.” He also said: “Investing in gold is a fool’s move.”
Bitcoin has lost more than 60% of its value this year.
Maher countered that gold “will never go away” and “can be a hedge against everything,” to which Cuban said:
“No, gold isn’t a hedge against anything, is it? It’s a store of value, you don’t hold physical gold … Gold is a store of value, and so is bitcoin.”
Cuban continued: “Bitcoin is a digital transaction and it’s a store of value … So, since people think gold has value, Bitcoin also has value.”
Investing in gold usually doesn’t mean you own physical gold, he said. “You don’t own gold bars, and if something really bad happens and you own gold bars, do you know what’s going to happen? Someone will beat you up and kill you and take your gold bars.”
Cuban has lashed out at gold investing before. For example, in 2019, he told Kitco News: “I hate gold. Investing in gold is a religious frenzy.”
Cuban also recently commented on the collapse of cryptocurrency trading platform FTX. The collapse of FTX has caused turmoil across the industry, prompting growing calls for greater regulation of cryptocurrencies. He mentioned former FTX CEO and founder Sam Bankman-Fried in an interview with TMZ:
“I don’t know the specifics, but if I were him, I’d be worried that I’d be facing a long prison sentence. That sounds really bad. I’ve had conversations with him, and I think he’s smart, but I didn’t expect him to To embezzle other people’s funds for their own benefit. Yes, that seems to be the case.”
Despite the bankruptcy of FTX, Cuban said he still believes in the potential of cryptocurrencies.
He advises: “Separate the signal from the noise. There are many people who have made all kinds of mistakes, but it doesn’t change the fundamental value of cryptocurrencies.”
In the “Club Random” podcast, he also stated that he “would not advise anyone to buy Bitcoin,” although he still believes that Bitcoin is a good investment.
Billionaire Mark Mobius, co-founder of Mobius Capital Partners, recently predicted that the price of Bitcoin will fall from the current $16,800 to $10,000 next year. He had accurately predicted that the price of Bitcoin would drop to $20,000 this year. (Fortune Chinese website)
Translated by: Liu Jinlong
Reviewer: Wang Hao
Mark Cuban, the billionaire owner of the Dallas Mavericks, defended Bitcoin this week while casting doubt on investing in gold.
In a Club Random podcast episode to be released Monday, host Bill Maher said he’s “very anti-Bitcoin” and believed in the value of gold.
Cuban replied, “I want Bitcoin to go down a lot further so I can buy some more.” He added, “If you have gold, you’re dumb as f***.”
Bitcoin has plunged more than 60% in value this year.
Maher replied that gold “never goes away” and is “like a hedge against everything else,” to which Cuban replied:
“No, but it’s not a hedge against anything, right? What it is is the stored value and you don’t own the physical gold, do you…Gold is a stored value and so is Bitcoin.”
The Shark Tank host continued, “It’s a digital transaction and it’s a stored value…So, people perceive that there is value associated with gold, that there’s value associated with Bitcoin.”
He noted that investing in gold does not generally mean that you possess the actual gold. “You don’t own the gold bar, and if everything went to hell in a hand basket and you had a gold bar, you know what would happen? Someone would beat the f*** out of you or kill you and take your gold bar.”
Cuban has slammed gold investing before. In 2019, for instance, he said in a Kitco News interview, “I hate gold. Gold is a religion.”
Cuban also recently weighed in on cryptocurrency exchange FTX’s collapse, which has sent shockwaves through the industry and spurred calls for crypto regulations. Referring to FTX’s former CEO and founder Sam Bankman-Fried, he said in an interview with TMZ:
“I don’t know all the details, but if I were him, I’d be afraid of going to jail for a long time. It sure sounds bad. I’ve actually talked to the guy and I thought he was smart, but boy, I had no idea he was going to, you know, take other people’s money and put it to his personal use. Yeah, that sure…seems like what happened.”
Despite the FTX collapse, Cuban said he still believes in crypto’s potential.
“Separate the signal from the noise,” he suggested. “There’s been a lot of people making a lot of mistakes, but it doesn’t change the underlying value.”
He added on the Club Random podcast that he is “not telling people to buy Bitcoin,” even though he still considers it a good investment.
Mark Mobius, the billionaire co-founder of Mobius Capital Partners, recently predicted Bitcoin will fall to $10,000 next year, down from $16,800 today. He was correct about this year’s fall to $20,000.
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