The American billionaire and prominent TV personality – Mark Cuban – said he wants bitcoin’s price to go down “a lot further” so he could purchase more of it.
He also criticized investments in gold, arguing it is not a “hedge against everything.”
Waiting for a Buying Opportunity
The billionaire remains a fan of bitcoin, despite the asset’s massive price decline and the uncertainty around the entire crypto industry. In a recent podcasthe vowed to increase his BTC exposure should its valuation head even further south:
“I want Bitcoin to go down a lot further so I can buy some more.”
For his part, the host of the broadcast – Bill Maher – displayed himself as a “gold bug,” claiming that the precious metal “never goes away, it’s worth something, and you can always sell it.”
Cuban opposed the thesis, saying it is not a “hedge against everything” as some people view it. The yellow metal is a “digital transaction” and a “stored value” just like bitcoin while owning an actual gold bar hides its risks:
“You don’t own the gold bar, and 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 billionaire made another comparison between the precious metal and bitcoin in 2021, saying both assets are “financial religions,” but the cryptocurrency has more merits as it “enables the transfer of value locally and globally.”
Cuban’s Viewpoint Over the Years
The American has not always expressed warm feelings towards bitcoin. He doubted its use cases in 2020, saying it is easier to trade bananas.
He changed his tune in 2021, suggesting that the crypto market imitates the dot-com bubble from the late 1990s. He predicted that bitcoin and ether will survive the turbulent times and will become as dominant as Amazon, eBay, and other leading companies from two centuries ago.
Cuban doubled down on his pro-crypto stance in April last year, admitting that 60% of his total cryptocurrency holdings are in BTC, while 30% in ETH.
His NBA team – The Dallas Mavericks – allows fans to purchase tickets and merchandise via digital assets, such as Bitcoin and Dogecoin. The billionaire said last year that most supporters do not like spending their BTC holdings because they hold the coin for the long term and expect its price to increase in time.
On the other hand, they employ DOGE “because it’s easy to spend, it doesn’t appreciate so much that people want to hold it forever.”