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(Kitco News) – Bitcoin doesn’t look like it can take a break as prices fall to new lows for the year. Even favorable comments from billionaire investor Mark Cuban cannot generate much bullish traction.
In a Twitter comment on Tuesday, the Dallas Mavericks owner and Shark Tank star reiterated his view that bitcoin is better than gold.
“No worries about storing it. Easy to transfer. Easy to exchange. Easy to convert. Does not require a middleman. Can be split,” Cuban said.
It’s BETTER than gold. No worries about storing it. Easy to transfer. Easy to exchange. Easy to convert. Does not require an intermediary. Can be split. Biggest BTC Challenge? No William Devane type ads and all the people who believe gold is a hedge against inflation https://t.co/lZWPAPMOHq
– Mark Cuban (@mcuban) Gold of June 21, 2021
The comments come as the price of bitcoin falls to its lowest level since the start of the year. The digital currency is currently trading around $ 30,000 per token, down about 7% on the day.
Bitcoin has lost more than half of its value after hitting a record high of around $ 65,000 per token in mid-April. Analysts said the cryptocurrency market took a hit as China cracked down on energy-intensive mining operations.
Cuban is not the only major investor trying to breathe new life into the bitcoin market. Galaxy Digita CEO Mike Novogratz said in an interview with CNBC’s Squawk Box on Tuesday that prices may still recover even though there is even more downside risk.
Novogratz added that $ 30,000 remains the key price point to watch.
“We could dive below for a while and close above. If it’s really broken, $ 25,000 is the next big level of support,” Novogratz said in the interview. “Look, I’m less happy than at $ 60,000 but I’m not nervous.”
Cuban has been negative on gold against cryptocurrencies since early March, when he argued on Twitter with Peter Schiff, CEO and chief global strategist at Euro Pacific Capital. Cuban called gold a “dead” asset that will never change.
However, he added that the technology behind cryptocurrencies will only get better, cheaper and faster.
“There will be new applications and maybe even something that replaces what we know today as crypto. But gold will never change. That’s why it will die as SOV. [store of value]”Cuban said in March.
While bitcoin struggles to find support, the gold market manages to hold above $ 1,750. The precious metal continues to rally after last week’s rout, which saw prices fall by around $ 100 after the Federal Reserve released its latest monetary policy decision and hinted that interest rates could start increasing in 2023.
Disclaimer: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. This is not a solicitation to trade in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for any loss and / or damage resulting from the use of this publication.
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