Billionaire investor and TV personality Mark Cuban is looking to buy more bitcoin (BTC) despite the asset being down 75% from its peak.
“I want Bitcoin to go down a lot further so I can buy some more,” Cuban said in a recent podcast interview with talk show host Bill Maher.
Bitcoin is down to around $17,400 at the time of writing, after trading at an all-time high of $69,000 back in November of 2021.
Maher: I’m “very anti-bitcoin”
During the interview, Maher described himself as a “very anti-bitcoin” person who instead prefers to own gold, which he called “a hedge against everything else.”
In response to Maher, Cuban said:
“If you have gold, you’re dumb as fuck.”
He went on to admit that bitcoin and gold both have useful properties as a store of value.
“[Gold] is not a hedge against anything, right? What it is is a store of value and you don’t own the physical gold, do you? Gold is a store of value and so is Bitcoin,” Cuban, who owns the basketball team Dallas Mavericks, said.
The well-known investor continued by explaining why gold, if it’s not held in physical form, can’t protect one’s wealth in times of crisis.
“You don’t own the gold bar, and if everything went to hell in a handbasket and you had a gold bar, you know what would happen? Someone would beat the fuck out of you or kill you and take your gold bar,” he said.
A long-time crypto bull
Mark Cuban has long been bullish on crypto. As recently as in November last year, the billionaire reiterated his belief in the space, saying crypto will succeed because “smart contracts will have a significant impact in creating valuable applications.”
“[…] the applications leveraging smart contracts and extensions on Ethereum will dwarf Bitcoin,” Cuban said on journalist Laura Shin’s Unchained Podcast in April of 2021.