In recent years, cryptocurrency has been gaining more attention. Because cryptocurrency isn’t regulated by the government in the same way US dollars are, many people find this form of currency to be appealing.
However, within cryptocurrency, there have also been certain scams. These scams have made some folks leery about crypto, its value, and how it can realistically be used in the free market.
Nevertheless, cryptocurrency such as Bitcoin definitely has some advocates and defenders. Shark Tank star Mark Cuban for instance, recently came out in defense of Bitcoin, warning that folks who choose to invest in gold are “dumb,” as reported by Yahoo News.
A Closer Look at Cuban’s Commentary on Bitcoin, Gold
During a podcast episode with TV host Bill Maher, the subject of cryptocurrency and various investments came up. Maher stated that he personally is against Bitcoin and thinks gold has much more value.
Cuban didn’t mince words when responding. Against the backdrop of Maher’s remarks, Cuban said he wants to see the price of Bitcoin further lower so he can purchase more of it. The Shark Tank star then stated folks who currently have gold are “dumb as f***.”
JUST IN: Mark Cuban, a billionaire, has stated that he wishes to purchase #Bitcoin at a significantly lower price point.
— Coingraph | News (@CoingraphNews) December 25, 2022
Maher pushed back a bit, stating gold provides “stored value,” as does Bitcoin. Later, Cuban stated during the podcast that gold investments don’t equate to ownership of gold.
The star of Shark Tank then subsequently pointed out that in a worst case scenario, someone could be beaten up or murdered by someone who wanted to steal their gold bars.
Despite Cuban’s views on gold and Bitcoin, the latter’s value has dipped by over 60% just over the course of 2022 alone.
Time Will Tell
At the end of the day, time will tell whether Cuban or Maher turn out to be right about Bitcoin and gold.
Right now, cryptocurrency itself is under a limelight after the downfall of FTX founder Sam Bankman-Fried. Bankman-Fried got tons of high-profile investors to give money to FTX, money they believed they’d be able to grow.
Instead of growing investors’ money, Bankman-Fried used the funds for his own purposes, eventually bleeding FTX dry. He’s currently looking at over one hundred years behind bars if he’s convicted on all charges brought against him.
JUST IN: Caroline Ellison admits to a judge that she and others stole billions of dollars from FTX customers, WSJ reports.
— Watcher.Guru (@WatcherGuru) December 23, 2022
At the same time, the founder of FTX is being told on by his associates who worked with him. Each of these associates are trying to cut deals for themselves in order to steer clear of lengthy prison sentences and other legal penalities.
Do you agree with the statements that Mark Cuban made regarding Bitcoin and gold? Would you rather have investments in cryptocurrency or gold bars?
Please feel free to weigh in with your thoughts in the comments section right down below.