• Billionaire investor and crypto bull Mark Cuban is still a fan of Bitcoin, despite its volatility.
• Cuban claims that owning gold is the wrong way to go, since you don’t actually own the bar and it’s not as safe as BTC.
• Many traders are turning to speculative assets such as bitcoin due to the crumbling banking system in the US.
Mark Cuban: To Hell with Gold, Go for Bitcoin!
Billionaire investor and crypto bull Mark Cuban is still a fan of Bitcoin despite its volatility. In a recent interview with Bill Maher, he expressed his love for bitcoin by saying “I want bitcoin to go down a lot further so I can buy some more”. He also claimed that owning gold was the wrong way to go since it’s not as safe as BTC given that when you purchase gold, you don’t really own the bar.
The State of Banking System in The US
The current banking system in the United States has been struggling lately; three banks (Silvergate, Signature, and Silicon Valley) have all crumbled within a few short weeks of each other. This has caused many traders to shoot back to speculative assets such as BTC out of fear that the centralized monetary system they’ve all grown up with is suddenly losing its legs.
Benefits of Investing in Bitcoin
Bitcoin investing appears to be returning to form in recent months given these events. Bitcoin was an quick answer to protect people’s money during 2008 financial crisis so it makes sense that many would turn towards this digital asset when other banks fail. With BTC now on the rise due to this instability, it’s on the verge of making a serious comeback and protecting wealth from crises better than any other asset like gold can do.
Cuban’s Advice for Gold Owners
Cuban quickly rebuked Maher’s claim about owning gold being wise by saying: “If you have gold, you’re dumb…You don’t own the gold bar [so] if everything went to hell in a handbasket and you had a gold bar someone would beat [you] or kill [you] and take your gold bar“. He further stated that during times of crises, gold will not protect your wealth or portfolio like bitcoin can do.
It seems clear that Mark Cuban continues to push bitcoin despite its past bearish market performance due its ability to protect people’s money during crises better than any other asset like gold can do – especially when large banks are failing all around us.