Mark Cuban argues that Bitcoin could be a smart investment compared to gold. The billionaire believes rich people want the value of the queen of crypto to drop further so they can buy more.
Mark Cuban talks about investing in Bitcoin versus investing in gold
On Bill Maher’s Club Random podcast, guest Mark Cuban, the Shark Tank billionaire and wealthy owner of the NBA Mavericks team, revealed his stance on investing in Bitcoin versus gold.
— Club Random with Bill Maher (@ClubRandom_) December 26, 2022
Cuban argues that Bitcoin could be a smart investment compared to gold investments because gold doesn’t go into the hands of the investor. In that regard, here is what the Mavericks owner said:
“When you own gold, all you own is a digital transaction. You don’t own the gold bars. And that’s fine. I’m not mostly in bitcoin, right? It’s just something I own. But it’s a digital transaction, and it’s a store of value – that’s the term for it, a ‘store of value. So, people perceive that there is a value associated with gold, and there’s value associated with bitcoin.”
In essence, as part of his speech with lots of back-and-forth with Maher, Cuban emphasizes how important it is to “own” what you invest in, something that no longer happens with gold. For this very reason, he calls investors in gold “stupid as hell,” while Bitcoin is “a decent investment.”
Still in the podcast, Cuban emphasizes that he is not saying to invest in the cryptocurrency, but goes on to say that rich people would like it to drop even more in price so they can buy more of it.
Mark Cuban and his advice to students in Texas on how to become entrepreneurs
The well-known billionaire also spoke in Texas, releasing some of his valuable entrepreneur advice to a group of students at Lewisville High School.
“The key to starting a business when you are young is to do things that you can do yourself, things that you can do with your time.”
This time, the main topic of his speech was on how to do business instead of investments. And indeed, Cuban commented as follows:
“If it’s a product, make something that is easy to get and easy to sell. It really comes down to a simple thing. The best businesses are the ones you can control and do yourself. That’s what being an entrepreneur is all about.”
Cuban began his sales career at the tender age of 12, going from door-to-door trash bags in a Pittsburgh suburb to selling a variety of collectibles, such as baseball cards, coins, and stamps, claiming that the proceeds helped pay for college tuition.
While in college, Cuban worked as a bartender and gave dance lessons to earn extra money. With this foundation, Cuban later became the billionaire entrepreneur he is today, and, continuing with his advice, he said:
“Being an entrepreneur and starting a business does not mean that it will be easy and suddenly you will make a lot of money. Being an entrepreneur is the hardest road.”
The billionaire’s misadventures
Last August, Cuban had been sued for promoting the Voyager Digital crypto lending platform that went bankrupt. The class action had been filed by investors and fans of the Dallas Mavericks.
As it turns out, the influence of the well-known billionaire was apparently also the subject of moves that turned out to be less than successful.
In fact, the class action lawsuit against Cuban alleged that he and Voyager Digital CEO Stephen Ehrlich promoted the platform that turned out to be a Ponzi Scheme, deceiving investors.
All the while, since early July, Voyager has reportedly filed for bankruptcy, suspending deposits and withdrawals totaling between $1 billion and $10 billion.
Recently, however, after several proposals to purchase the platform, it appears that Binance US has scooped it up, at a price of $1 billion. Specifically, the exact figure would be $1.022 billion, plus $20 million in incremental value.
Mark Cuban and the obsession with crypto and NFTs
Around the same time, Cuban was also cited as the person most obsessed with crypto and NFTs.
Essentially, a study conducted by Traders of Crypto, had analyzed the Twitter profiles of so many stars and celebrities who tweeted crypto-themed posts, revealing that Cuban was the one who would most often make such posts.
With a total of 124 crypto-, blockchain-, NFT-themed posts, Mark Cuban is the celebrity who has talked most about cryptocurrency on his Twitter profile, with 49 NFT posts alone.