Mark Cuban weighs in on gold and bitcoin, says both ‘a store of value’

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Billionaire Mark Cuban shared his thoughts on gold and bitcoin in a podcast episode.

The Cubans made the comments during an extensive appearance on an upcoming episode of comedian Bill Mahers’ “Club Random” podcast. The episode is slated for release on Monday.

The Dallas Mavericks owner said he “wanted[ed] bitcoin to go down much further” so he “can buy more”.

Mark Cuban visits “Cavuto: Coast To Coast” hosted by Neil Cavuto at Fox Business Network Studios on September 30, 2019 in New York City. (Photo by Steven Ferdman/Getty Images)

MARK CUBAN ON CRYPTO IN THE MIDDLE OF THE FTX IMPLOSION: SEPARATE SIGNAL FROM NOISE

Since the beginning of the year, the prices of some popular cryptocurrencies have dropped significantly. Bitcoin is currently down 65%, while Ethereum and Cardano are down over 69% and 80%, respectively.

In response to Maher saying he invested in gold, Cuban said, “You know what? If you have gold, you’re stupid as a f–k.” He also seemed to push back against the idea that investing there was a “hedge against everything”.

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“Gold is a store of value, just like bitcoin,” Cuban told Maher.

Cryptocurrency mixing platform Tornado Cash has been hit with US sanctions over money laundering allegations. Illustrative photo of cryptocurrency taken on January 24, 2022.

He later went on to say, “When you own gold, all you own is a digital transaction.” Maher said that was why “they weren’t mostly gold,” prompting Cuban to respond, “And that’s okay. I’m not mostly bitcoin, am I? It’s just something I own.”

“But it’s a digital transaction and it’s a store of value, that’s the term for it, a store of value,” the billionaire investor continued. “So people perceive that there is value associated with gold and there is value associated with bitcoin.”

He also said he thinks bitcoin “is a good investment,” although he added that he “doesn’t tell people to buy” the cryptocurrency.

BILLIONAIRE ENTREPRENEUR MARK CUBAN EXPLAINS THE DIFFERENT TYPES OF UTILITIES ASSOCIATED WITH CRYPTO

Cuban has weighed in on the cryptocurrency several times in the past, including in February when he appeared on “Cavuto: Coast to Coast” and in November during a chat with TMZ Sports.

He discussed utilities associated with crypto on the show, saying bitcoin “is like an alternative to gold” and “a store of value.” People should approach investing in crypto like any other asset class, thinking about the “value proposition” and growth opportunities, he said.

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Dallas Mavericks team owner Mark Cuban wears a jersey honoring former player Dirk Nowitzki.

Last month, amid the ongoing FTX scandal, Cuban told TMZ Sports that he still believes in cryptocurrency.

“Just separate the signal from the noise,” Cuban told the outlet. “I mean, there were just a lot of people who made a lot of mistakes, but that doesn’t change the underlying value and applications of it.”

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Talia Kaplan contributed to this report

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