Billionaire investor and crypto bull Mark Cuban is still a bitcoin fanatic. Despite everything that happened in 2022 and how bearish the market was, the space’s volatility and speculation has not put the owner of the Dallas Mavericks basketball team off from putting everything he has into bitcoin, the world’s number one digital currency by market cap.
Mark Cuban Still Loves BTC
In a recent interview with Bill Maher, a famed talk show host, Cuban claimed that owning gold was the wrong way to go despite its reputation for being a hedge fund over the years. He says that gold, in many ways, is nowhere near as safe as BTC given that when you purchase gold, you don’t really own the bar, and thus your status as a gold possessor is always in question. For this reason, he continues to push bitcoin and its alleged benefits. Cuban said:
I want bitcoin to go down a lot further so I can buy some more.
Maher claimed to be very “anti-bitcoin” in the discussion, and said that he’s a gold owner. Cuban quickly rebuked this by saying:
If you have gold, you’re dumb… Gold is not a hedge against anything, right? What it is, [it’s] a store of value and you don’t own the physical gold, do you? Gold is a store of value and so is bitcoin.
He further stated that during times of crises, gold will not protect your wealth or portfolio the way it’s been touted to all these years. He commented:
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*ck out of you or kill you and take your gold bar.
Bitcoin investing appears to be returning to form in recent months given the state of the current banking system in the United States. Three banks (Silvergate, Signature, and Silicon Valley) have all crumbled within a few short weeks of each other, and many traders have since shot back to speculative assets – such as BTC – out of fear that the centralized, standard monetary system they’ve all grown up with is suddenly losing its legs.
So Many Banks Are Failing
With BTC now on the rise as so many smaller banks fail, it makes sense that the digital asset is on the verge of making a serious comeback. After all, we cannot forget that BTC was a quick and out-of-the-blue answer to the 2008 financial crisis, so it makes sense that bitcoin would endure heavy spikes (it’s already at a nine-month high) when so many traditional financial enterprises are crashing and burning.
During 2022, BTC lost more than 70 percent from its all-time high of $68K per unit.
