Mark Cuban doubles down on Bitcoin while dumping gold

Billionaire tech entrepreneur Mark Cuban remains bullish on Bitcoin, saying he wants the price to continue falling.

“I want bitcoin to drop a lot so I can buy more,” Cuban said in one appearance. On Bill Maher’s “Club Random” comedy podcast.

The owner of the NBA club Dallas Mavericks said that it is not worth investing in gold, adding that he very much prefers digital assets. Cuban who is at a value of $6.25 billionFor a long time praised Cryptocurrencies – especially Bitcoin, Ethereum, and Dogecoin.

“Gold is a store of value, and so is Bitcoin,” he said, after Maher suggested the comparison. “If everything went to hell in a handbasket and you had a gold bar, do you know what would happen? Somebody would beat you to hell or kill you and take your gold bar. It’s worthless.”

The investor added that owning gold today is just owning a digital transaction, so he much preferred investing in bitcoin.

Bitcoin is currently trading at $16,844, according to CoinGecko — 75% below last year’s all-time high of $69,044. Gold – and silver – fared much better as investments in 2022. Although the cryptocurrency market and US stocks took a beating, the metals held their value somewhat. Gold is now trading at $1,800 an ounce. This time last year it was $1,807.

Maher argued that Bitcoin is not worth buying because it is not supported by anything. But Cuban responded by saying that it didn’t make sense to own shares in “90% of the companies out there.”

In a wide-ranging two-hour conversation, the two agreed on at least one thing: San Francisco is no longer a good place to start a tech company.With cuban describes california city as sonorous.

“aThe entire industry is pressed,Cuban said. “The tenthThe whole tech industry has shifted from well, well, this is growth, this is, you know, the new thing, and now it’ss Just about people bobbing in the street.

Cuban was once a critic of cryptocurrency, but now the NBA team accepts cryptocurrency for tickets and merchandise. In 2021, that is has become The first basketball team to accept Dogecoin.

Since then, Cuban has been doing just that He said– along with billionaire Elon Musk – Dogecoin, a cryptocurrency originally created as a joke, could be useful for making payments.

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