Mark Cuban criticises investments in gold and backs Bitcoin

Billionaire Mark Cuban sparred with Club Random host Bill Maher over investments in Bitcoin and gold.

Cuban noted that he is opposed to the first cryptocurrency and believes in the value of precious metal. In response Cuban called those who invest in gold ‘damn stupid’.

“I want Bitcoin to fall further so I can buy a little more,” the billionaire said.

Cuban also criticised Maher’s assertion that gold is a hedge against inflation and other risks. In his view, buying a precious metal does not entail owning a physical bar.

“This is a digital transaction proving ownership […]. You know what would happen if you had a gold bar in your hands? Someone would beat you half to death or kill you to take it,” added Cuban.

Touching on the topic collapse of FTX, the billionaire emphasised his commitment to the first cryptocurrency. He noted that the exchange’s collapse does not spell the industry-wide failure:

“Distinguish the signal from the noise. There were many people who made many mistakes, but that does not alter the fundamental value.”

Yet Cuban added that he “does not advise people to buy Bitcoin”, although he still regards it as a good investment.

Earlier the billionaire called the ‘dumbest’ idea of purchasing land, mansions and other real estate in virtual worlds, and also condemned the approaches of the SEC to cryptocurrency regulation.

In June, Cuban said that shifting focus to dapps and their creation outside finance would attract a broader audience and halt the decline in the digital asset markets.

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