Billionaire Entrepreneur Mark Cuban Backs Bitcoin Over Gold

Billionaire Entrepreneur Mark Cuban Backs Bitcoin Over Gold
  • Cuban expressed a desire for the price of Bitcoin to decrease.
  • Mark has long been an advocate of cryptocurrencies.

Mark Cuban, a billionaire tech entrepreneur, is optimistic about Bitcoin and has even said he hopes the price keeps falling. During an interview on comedian Bill Maher’s “Club Random” podcast, Cuban expressed a desire for the price of Bitcoin to decrease so that he could purchase more.

The owner of the NBA’s Dallas Mavericks has said that he does not see any value in investing in gold and that he would rather put his money into digital assets. Cuban, who has a net worth of $4.6 billion, has long been an advocate of cryptocurrencies like Bitcoin, Ethereum, and Dogecoin.

Mark stated:

“Gold is a store of value and so is Bitcoin. If everything went to hell in a hand basket and you had a gold bar you know what would happen? Someone would beat the fuck out of you or kill you and take your gold bar. It’s useless.” 

Bitcoin Prices Struggle

The investor continued by saying that he much liked investing in Bitcoin since owning gold nowadays is merely owning a digital transaction. According to CMC, the current price of a bitcoin is $16,887, which is roughly 75% less than its all-time high of $69,044 reached last year. In terms of returns, gold and silver have been far safer bets in 2022. The price of gold has been stable at $1,800 per ounce from $1,807 a year ago.

Since Bitcoin isn’t backed by anything, according to Maher, it’s not worth purchasing. Cuban said that investing in “90% of companies out there” was equally useless.

Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.