The multi billionaire Mark Cuban has stated that if you own gold, you should be ashamed of yourself and instead invest in Bitcoin.
The contrast between Bitcoin & gold is becoming increasingly compelling. Mark Cuban has not completely given up on Bitcoin, even though the sudden failure of the crypto currency exchange FTX has left a nasty taste in the mouths of many investors.
In addition to what seems to be a sign of his backing for Bitcoin, the tycoon hurled an expletive (1) at people who speculate on gold.
In an episode of the podcast "Club Random," presented by comic Bill Maher the owner of the National Basketball Association franchise Dallas Mavericks shared his thoughts on gold and Bitcoin.
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.
According to statistics provided by tradingview.com, Bitcoin is currently trading at $16,849, representing a gain of 0.6% over the previous week. This year, the value of the crypto currency with the greatest market capitalization in the world has decreased by more than sixty percent.
Mark’s Candid Views on Gold Investors
In response to Maher's claim that he had faith in the worth of the yellow gold, Cuban stated:
"You know what? If you have gold, you’re dumb as f–k."
The values of many other tokens have dropped by a sizeable amount since the start of the year. Ethereum and Cardano have seen their values fall by almost 70 and 80 percent, respectively, in recent days.
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 show's host continued by arguing that gold is "a hedge against everything" and that it "never goes away."
Cuban responded by saying:
"No, but you realize that it does not protect you from anything, right? What it is, is the value that has been saved, and you do not own any actual gold, do you? Both gold and bitcoin can be considered a form of value storage."
Cuban mentioned in a tweet published one month ago that the value of a token depends on the apps for which it may be utilized and the value that those applications provide to customers.
Market Caps Compared Gold Vs. Bitcoin
The market valuation of all crypto currencies has increased from about $1 billion in 2013 to $1.15 trillion in November 2021, mirroring both the price inflation since 2013 and the increase in the total number of coins created. In 2013, the market valuation of all crypto currencies was approximately $1 billion.
The entire value of all crypto currencies on the market has fallen to $770 billion. According to data provided by TradingView, the total value of Bitcoin's market cap has reached $324.20 billion.
The value of gold on the market is estimated to have increased from around $8 trillion to about $12 trillion within the same period, as stated (2) by the In Gold We Trust Report.
Cuban has previously shared various opinions on crypto currencies, including the fact that the FTX debacle is not representative of the failure of the crypto currency industry and that the former CEO of FTX, Sam Bankman-Fried, must be worried about a long prison sentence. Cuban made this revelation earlier.