Despite the bombshell fraud revelations surrounding trading platform FTX and its founder Sam Bankman-Fried and months of what industry experts referred to as the “crypto winter,” longtime crypto fan and billionaire Mark Cuban is doubling down on the coinage.
Cuban joined comedian Bill Maher on his “Club Random” podcast this week to talk business, sports, and everything in between, including Maher bringing up Bitcoin and saying he’s rooting against the currency.
Surprisingly, Cuban is also rooting for the coin to go down — but not in the way Maher was thinking.
“I want Bitcoin to go down a lot further so I can buy some more right now,” he told Maher, who then asked him about his thoughts on investing in gold.
“If you have gold, you’re dumb as f**k,” Cuban said bluntly. “It’s not a hedge against anything, what it is, it’s a store of value.”
Maher brought up that gold never goes away and that you can always sell it, which Cuban refuted by saying Bitcoin is the same, pointing out that most gold owners don’t hold the physical piece of gold they own (much like cryptocurrency).
“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,” Cuban told Maher. “When you own gold, all you own is a digital transaction.”
Cuban also made the case that both currencies are “pinned to nothing.”
Bitcoin weathered a rough year, losing roughly 60% of its valuation since the beginning of 2022.
As of Thursday afternoon, the coin was valued at $16,614.99.