The contrast between Bitcoin and gold is becoming increasingly compelling. Mark Cuban has not yet given up on Bitcoin, despite the fact that the catastrophic failure of the crypto exchange FTX has left a very terrible taste in the mouths of a very significant number of crypto investors.
In addition to what seems to be a sign of his support for Bitcoin, the billionaire hurled an expletive at people who speculate on gold. In the latest episode of the podcast “Club Random,” which is hosted by comedian Bill Maher and premiered on Monday, the owner of the NBA franchise Dallas Mavericks shared his thoughts on gold and Bitcoin.
Mark Cuban has claimed that Bitcoin is a good investment, and he is hoping that the price will continue to fall so that he may buy more of it. Regarding himself, Maher has stated that he is “very anti-Bitcoin” and that he has confidence in the value of gold.
According to statistics provided by CoinMarketCap, Bitcoin is currently trading at $16,847.97, representing a gain of 0.47% over the course of the previous week. This year, the value of the cryptocurrency with the greatest market capitalization in the world has decreased by more than 60%.
Gold is a Stored Value and So is Bitcoin
The prices of other major cryptocurrencies have dropped by a sizable amount since the beginning of the year. Ethereum and Cardano have seen their values fall by almost 70 and 80%, respectively, in recent times.
Mark Cuban responded to Maher’s remark that he believed in the worth of the yellow metal by saying, “You know what? If you have gold, you’re dumb as f–k.” Cuban stated on Twitter one month ago that he has continued to be interested in cryptocurrency because he believes in smart contracts.
Smart contracts are one of the primary underlying technologies that make it possible for cryptocurrency transactions to take place. The host of the show continued by arguing that gold is “a hedge against everything” and that it “never goes away.”
Cuban responded by saying, “No, but it’s not a hedge against anything, right? What it is is the stored value and you don’t own the physical gold, do you… Gold is a stored value and so is Bitcoin.”
Mark Cuban mentioned in a tweet that was posted one month ago that the value of a token is dependent on the applications for which it may be utilized as well as the value that those applications provide to customers.
Bitcoin Vs. Gold Comparison in Recent Times
The market valuation of all cryptocurrencies had increased from around $1 billion in 2013 to $1.15 trillion in November 2021, representing both the price growth from 2013 and the increase in the overall number of coins created.
The entire value of all cryptocurrencies on the market has fallen to $772 billion as of today. According to data provided by TradingView, the total value of Bitcoin’s market cap has reached $323 billion. The value of gold on the market is estimated to have increased from around $8 trillion to approximately $12 trillion within the same time period, as stated by the In Gold We Trust Report.
Mark Cuban has previously shared a variety of viewpoints on cryptocurrencies, including the fact that the FTX debacle is not representative of the failure of the cryptocurrency industry and that the former CEO of FTX, Sam Bankman-Fried, should be worried about a lengthy prison sentence.
While speaking at a Sports Business Journal conference on Nov. 11, Mark Cuban said, “With FTX now — that’s somebody running a company that’s just dumb as f— greedy.” According to a recent tweet from Cuban, he does not consider the recent events that have shaken up the cryptocurrency industry to be “crypto blowups,” but rather “banking blowups.” This involves providing financial assistance to an unsuitable organization.
Cuban has been involved in the cryptocurrency market for a long time. Over the course of his career, he has made investments in Ethereum in addition to a wide variety of other digital currencies, NFTs, and blockchain startups.
In point of fact, during an episode of the podcast named “The Problem With Jon Stewart” that was released on January 12, he stated that 80% of the investments that he makes that aren’t on ‘Shark Tank’ are in or around cryptocurrencies.
