Mark Cuban doubles on Bitcoin while dissipating gold

[ad_1]

Billionaire tech entrepreneur Mark Cuban is still bullish on Bitcoin, saying he wants the price to continue falling.

I want Bitcoin to go much lower so I can buy more of it, Cuban said during an appearance on comedian Bill Mahers Club Random podcast.

NBAs Dallas Mavericks owner says investing in gold isn’t worth it, adding that he much prefers digital assets.

Gold is a store of value, just like Bitcoin,” he said after Maher suggested the comparison. If everything went wrong in a hand basket and you had a gold bar, you know what would happen? or kill yourself and take your gold bar. It’s useless.

The investor added that owning gold today is just owning a digital transaction, anyway, so he much preferred investing in Bitcoin.

Bitcoin is currently trading for $16,844, according to CoinGecko, down 75% from the all-time high of $69,044 it hit last year. Gold and silver have fared much better as investments in 2022. They have more or less held their value. Gold is now trading at $1,800 an ounce; this time last year it was $1,807.

Maher argued that Bitcoin is not worth buying because it is not backed by anything. But Cuba hit back, saying owning shares in 90% of the companies was also pointless.

During the two-hour and far-reaching conversation, the two men agreed on at least one thing: that San Francisco is no longer a great place to start a tech company, with Cuba describing the Californian city as pretentious.

An entire industry is being pushed out, Cuban said. The whole tech industry is off to a good start, okay, it’s growth, it’s, you know, novelty, and now it’s just people shitting on the streets.

Cuban was once a crypto critic, but now his NBA team accepts cryptocurrency for tickets and merchandise. In 2021, it became the first basketball team to accept Dogecoin.

Cuban has since said with billionaire Elon Musk that Dogecoin, a cryptocurrency originally created as a joke, could be useful for making payments.

Stay up to date with crypto news, get daily updates in your inbox.

[ad_2]