Mark Cuban Increases Bitcoin Bets While Criticizing Gold

“I want Bitcoin to go down a lot further so I can buy some more,” Cuban said in an appearance on comedian Bill Mahers “Club Random” podcast.

Dallas Mavericks owner remarked that gold investments were not worthwhile and that he greatly favored digital content. Long a proponent of cryptocurrencies, particularly Bitcoin, Ethereum, and Dogecoin, Cuban, who is worth $6.25 billion, has praised them.

The investor continued by saying that holding gold today is essentially equivalent to having a digital transaction; for this reason, he greatly preferred to invest in Bitcoin.

As per CoinGecko, the current price of bitcoin is $16,844; this is significantly less than the record high price of $69,044 it reached in 2017. Silver and gold have performed significantly better as assets in 2022. The metals have largely maintained their worth despite the decline in the cryptocurrency market and American stocks. Currently, the price of gold is $1,800 per ounce, up from $1,807 at this time the year before.

Because Bitcoin is unbacked by anything, according to Maher, it is not worthwhile to purchase. Cuban retaliated, claiming that it was useless to own stock in “90% of the companies out there.”

The two decided on one thing at least during the two hours of lively discussion: San Francisco is no longer a fantastic place to launch a digital startup; Cuban called the Californian metropolis “pretentious.”

Although Cuban initially opposed cryptocurrencies, his NBA club now accepts them as payment for tickets and goods. It was the first basketball team to take Dogecoin in 2021.

Since then, Cuban and billionaire Elon Musk have suggested that the cryptocurrency Dogecoin, which was initially developed as a joke, would be beneficial for paying bills.

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