Home Bitcoin News Mark Cuban needs to purchase extra bitcoin, says gold buyers are 'dumb' – CNBC

Mark Cuban needs to purchase extra bitcoin, says gold buyers are 'dumb' – CNBC

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Billionaire Mark Cuban is doubling down on bitcoin and says he even prefers investing within the digital asset over gold.

The longtime cryptocurrency advocate stated he hopes the worth of bitcoin goes down additional so he can purchase extra throughout a Dec. 26 episode of Bill Maher’s “Club Random” podcast.

Bitcoin has lost over 60% of its value in 2022 and costs had been hovering just under $17,000 as of Dec. 27 – far under the digital coin’s 2021 highs.

Monetary specialists sometimes take into account gold to be a good way for people to protect the value of their investment portfolio from declining on account of inflation. Nevertheless, Cuban known as gold buyers “dumb as f—” throughout his interview with Maher.

“If all the pieces went to hell in a hand basket and also you had a gold bar, you already know what would occur? Somebody would beat the f— out of you or kill you and take your gold bar,” he defined.

When evaluating the 2, Cuban stated that each gold and bitcoin are a “retailer of worth”, that means he believes that each property preserve their worth slightly than depreciating.

Nevertheless, there’s a key distinction between how gold and bitcoin derive worth.

Gold’s worth is derived from its relative scarcity and its lengthy historical past of being traded for items and providers.

However, bitcoin and different cryptocurrencies are a comparatively new type of cost.

Most digital cash do not derive their worth from an underlying entity which makes them topic to unpredictable fluctuations in worth.

Bitcoin costs are presently trending far under their January costs whereas gold has solely diminished by just a little over 1% yr up to now as of Dec. 27.

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