Shark Tank star and the owner of the NBA team Dallas Mavericks, Mark Cuban, says bitcoin is a good investment. The billionaire wants the price of the cryptocurrency to fall further so he can buy some more. Meanwhile, he insulted gold investors, calling them “dumb as f***.”
By Kevin Helms
Mark Cuban Prefers Bitcoin Over Gold
Shark Tank star and the billionaire owner of the NBA team Dallas Mavericks, Mark Cuban, shared his thoughts about bitcoin and gold in an episode of the “Club Random” podcast, hosted by comedian Bill Maher and scheduled to be aired Monday.
Maher said he is “very anti-bitcoin” and believes in the value of gold. Commenting on gold investing, the Dallas Mavericks owner opined:
If you have gold, you’re dumb as f***.
The podcast host proceeded to argue that gold “never goes away” and is “like a hedge against everything else.” Cuban replied:
No, but it’s not a hedge against anything, right? What it is is the stored value and you don’t own the physical gold, do you? … Gold is a stored value and so is bitcoin.
“When you own gold, all you own is a digital transaction. You don’t own the gold bar,” Cuban detailed, emphasizing that investors do not actually possess the actual gold. “If everything went to hell in a handbasket 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,” the Shark Tank star warned.
Acknowledging Cuban’s criticism of gold, Maher clarified, “We’re not mostly in gold.” Cuban responded: “And that’s fine. I’m not mostly in bitcoin, right? It’s just something I own.” The Dallas Mavericks owner stressed: “But it’s a digital transaction and it’s a store of value … So, people perceive that there is a value associated with gold, and there’s value associated with bitcoin.”
While stating that bitcoin “is a good investment,” Cuban noted that he is “not telling people to buy” the cryptocurrency. The Shark Tank star added:
I want bitcoin to go down a lot further so I can buy some more.
Cuban believes in cryptocurrency’s potential despite the crypto winter and the collapse of crypto exchange FTX. He previously explained that the FTX fallout is not a failure in crypto. While admitting that he does not know all the details, he said former FTX CEO Sam Bankman-Fried (SBF) should be worried about going to jail for a very long time.
Meanwhile, Cuban’s Shark Tank co-star, Kevin O’Leary, aka Mr. Wonderful, has insisted that SBF is one of the best traders in the crypto space and he will back him again if he has another venture. O’Leary was a spokesperson for FTX when the crypto exchange filed for bankruptcy.