Mark Cuban defends Bitcoin, says anyone who invests in gold is dumb as shit

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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 on Monday, host Bill Maher said he was very anti-Bitcoin and believed in the value of gold.

Cuban replied, I want Bitcoin to go down a lot more so I can buy more. He added, If you have gold, you’re stupid as f***.

Bitcoin has plunged over 60% in value this year.

Maher replied that gold “never goes away” and is like a hedge against everything else, to which Cuba replied:

No, but it’s not a hedge against anything, is it? What it is is stored value and you don’t own the physical gold, is gold a stored value just like bitcoin.

The Shark Tank host continued, It’s a digital transaction and it’s stored value… So people perceive there’s value associated with gold, there’s value associated with bitcoin.

He noted that investing in gold doesn’t usually mean you own the actual gold. You don’t own the gold bar, and if everything went wrong in a hand basket and you had a gold bar, you know what would happen? Someone would beat you or kill you and take your gold bar.

Cuban has already criticized the investment in gold. In 2019, for example, he said in an interview with Kitco News, I hate gold. Gold is a religion.

Cuban also recently weighed in on the collapse of cryptocurrency exchange FTX, which sent shockwaves through the industry and spurred calls for crypto regulation. Referring to former CEO and founder of FTX, Sam Bankman-Fried, he said in an interview with TMZ:

I don’t know all the details, but if I were him, I would be afraid of going to prison for a long time. It sure sounds bad. I 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 own use. Yeah, that sounds like it happened.

The story continues

Despite FTX’s collapse, Cuban said he still believed in the potential of crypto.

Separate the signal from the noise, he suggested. A lot of people have made a lot of mistakes, but that doesn’t change the underlying value.

He added on the Club Random podcast that he doesn’t tell people to buy Bitcoin, although he still considers it a good investment.

Mark Mobius, the billionaire co-founder of Mobius Capital Partners, recently predicted that Bitcoin will fall to $10,000 next year from $16,800 today. He was right about this year’s drop to $20,000.

This story was originally featured on Fortune.com

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