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 Monday, host Bill Maher said hes very anti-Bitcoin and has invested in gold. He asked Cuban for his thoughts.
Cuban, an avid crypto investor, replied, I want Bitcoin to go down a lot further so I can buy some more. He added, If you have gold, youre dumb as f***.
Bitcoin has plunged more than 60% in value this year.
Maher replied that gold is like a hedge against everything else, to which Cuban replied:
No, but its not a hedge against anything, right? What it is is the store value and you dont own the physical gold, do youGold is a store value and so is Bitcoin.
The Shark Tank host continued, Its a digital transaction and its a store value, thats the term for it, a store value. So, people perceive that there is value associated with gold, that theres value associated with Bitcoin.
He noted that investing in gold does not generally mean that you possess the actual gold. You dont own the gold bar, and if everything went to hell in a hand basket and you had a gold bar, you know what would happen? Someone would beat the f*** out of you or kill you and take your gold bar.
Cuban has slammed gold investing before. In 2019, for instance, he said in a Kitco News interview, I hate gold. Gold is a religion.
Cuban also recently weighed in on cryptocurrency exchange FTXs collapse, which has sent shockwaves through the industry and spurred calls for crypto regulations. Referring to FTXs former CEO and founder Sam Bankman-Fried, he said in an interview with TMZ:
I dont know all the details, but if I were him, Id be afraid of going to jail for a long time. It sure sounds bad. Ive 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 peoples money and put it to his personal use. Yeah, that sureseems like what happened.
Despite the FTX collapse and its aftereffects, Cuban said he still believes in cryptos potential.
Separate the signal from the noise, he suggested. Theres been a lot of people making a lot of mistakes, but it doesnt change the underlying value.
He added on the Club Random podcast that he is not telling people to buy Bitcoin, even though he still considers it a good investment.
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