Mark Cuban, a multibillionaire tech entrepreneur, is still optimistic about Bitcoin and wants the price to keep falling. Cuban stated that he wants to see Bitcoin fall even more so that he can purchase more during an appearance on comedian Bill Maher’s “Club Random” podcast.
“I want Bitcoin to go down a lot further so I can buy some more,”
The Dallas Mavericks owner claimed that gold investments were not worthwhile and that he greatly favoured digital assets. In particular, Bitcoin, Ethereum, and Dogecoin have long been supported by Cuban, who is worth $6.25 billion. In august 2021, Cuban revealed that he owned $15,000 worth of Dogecoin.
Cuban responded to Maher’s comparison of Bitcoin to Gold by saying, “Gold is a store of value, and so is Bitcoin.” The investor continued by saying that holding gold today is essentially equivalent to owning a digital transaction; for this reason, he greatly preferred to invest in 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.”
Maher stated that since Bitcoin is unbacked by anything, it is not worth the expense to purchase it. Cuban retaliated, claiming that it was useless to own stock of “90% of the companies out there.”
The current price of Bitcoin is $16,855, down more than 75% from $69,044, it’s all-time high it reached in November 2021. Silver and gold have performed significantly better as investments in 2022. The value of the metals has largely kept steady despite losses in the cryptocurrency market and U.S. equities. At this time last year, the price of gold was $1,807 per ounce and is still hovering around similar levels.
Mark Cuban was recently caught up in legal troubles for promoting crypto lender Voyager. Cuban was sued by The Moskowitz Law Firm in civil court in Southern Florida for advertising Voyager’s unlicensed cryptocurrency products.
He was charged with misrepresenting the business on numerous occasions, including making dubious claims that it provided “commission-free” trading services and was less expensive than competitors. According to the lawsuit, Cuban and Stephen Ehrlich, CEO of Voyager Digital, used their years of experience to convince uninformed clients to invest their life savings in what the law firm called a Ponzi Scheme.