• Mark Cuban, an investor and crypto bull, is still a bitcoin fanatic despite the current bearishness of the market.
• In a recent interview with Bill Maher, Cuban claimed that gold is a bad investment while bitcoin is a much better store of value.
• As small banks in the US continue to crumble, more traders are turning back to speculative assets such as BTC for protection.
Mark Cuban: To Hell with Gold, Go for Bitcoin!
Billionaire investor and crypto bull Mark Cuban is still a fan of bitcoin despite its volatile market. In an interview with Bill Maher, Cuban argued that gold was a bad investment and bitcoin was much better as a store of value. As small banks in the US continue to fail, more traders are turning back to speculative assets like BTC for protection.
Cuban’s Argument Against Gold
Mark Cuban explained his reasoning against gold by pointing out that when you purchase it you don’t actually own the bar and thus your status as its possessor can be uncertain. He said: „If you have gold, you’re dumb…Gold is not a hedge against anything…What it is [it’s] a store of value and you don’t own the physical gold do you? Gold is a store of value and so is bitcoin.“
Bitcoin’s Comeback
As three US banks (Silvergate, Signature and Silicon Valley) have been failing within weeks of each other, traders have been turning back to speculative assets such as BTC out of fear that the centralized monetary system they’ve grown up with may be losing its stability. This has led to Bitcoin reaching its nine-month high in recent months.
The 2008 Financial Crisis
It’s no surprise that Bitcoin has become popular again given its connection with the 2008 financial crisis. Back then it was seen as an answer to this crisis – now it’s becoming popular once again because people are worried about another crisis hitting them soon due to many smaller banks failing all at once around the country.
Bottom Line
Despite all its volatility over time, Bitcoin appears to be returning back into form given what’s happening in America right now. With so many banks collapsing one after another, investors are looking for some form of protection which could come from investing in cryptocurrencies like Bitcoin rather than traditional investments like gold or stocks.