Mark Cuban wants to buy more Bitcoin and thinks gold buyers are stupid

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Marc Cuban. Source: a video screenshot, Youtube, The Filmy

Billionaire investor and TV personality Mark Cuban is looking to buy more bitcoin (BTC) despite the asset’s 75% drop from its peak.

“I want Bitcoin to go down a lot more so I can buy more of it,” Cuban said in a recent podcast interview with talk show host Bill Maher.

Bitcoin has fallen to around $17,400 at the time of writing, after trading at an all-time high of $69,000 in November 2021.

Bitcoin price since 2020. Source: CoinGeckoMaher: I am “very anti-bitcoin”

During the interview, Maher described himself as a “very anti-bitcoin” person who would rather own gold, which he called “a hedge against everything else.”

In response to Maher, Cuban said:

“If you have gold, you’re stupid as shit.”

He went on to admit that both bitcoin and gold have useful properties as a store of value.

“[Gold] isn’t a hedge against anything, is it? It’s a store of value and you don’t own physical gold, do you? Gold is a store of value, just like Bitcoin,” said Cuban, owner of the Dallas Mavericks basketball team.

The well-known investor went on to explain why gold, if not held in physical form, cannot protect one’s wealth in times of crisis.

“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,” he said.

A Longtime Crypto Bull

Mark Cuban has long been bullish on crypto. As recently as November last year, the billionaire reiterated his belief in the space, saying crypto will succeed because “smart contracts will have a significant impact on creating valuable applications.”

In the past, Cuban has been widely seen as an advocate of Ethereum (ETH), calling it “the closest we have to real money” and superior to Bitcoin.

“[…] apps leveraging smart contracts and extensions on Ethereum will eclipse Bitcoin,” Cuban said on journalist Laura Shin’s Unchained podcast in April 2021.

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