Mark Cuban, a well-known billionaire of Shark Tank fame, and the outspoken owner of professional basketball team Dallas Mavericks, has recently commented that Bitcoin is very similar to gold. He has also mentioned that he detests gold as a form of investment, an opinion that extends to Bitcoin as well.
Top cryptocurrency Bitcoin has often been called digital gold so it is hardly surprising that it is being compared to gold yet again. Perhaps what is unfortunate seems to be the fact that Cuban harbours a rather disinterested attitude towards Bitcoin. Talking to Kitco News in an interview on the 9th of August, 2019, Mark Cuban commented that the fact Bitcoin has a limited supply definitely contributes and adds to its existing value as an investment. He further added:
“They’re both collectibles. The value is based off supply and demand. And the good news about Bitcoin is there’s a finite supply that’ll ever be created.”
Yet, he emphasized on the fact that he views gold and Bitcoin as “being the same thing”. He also said how he does not have a very high opinion of the precious metal as a form of investment, a view that naturally applies to Bitcoin as well. To explain his stance regarding gold, he told his interviewer:
“Hate with extreme prejudice is not enough. Hate with double-extreme prejudice with an ounce of hot sauce.”
Given Mark Cuban is one of the best known billionaires of his time, he definitely knows a few things about investments. However, for aspiring crypto investors, there is no need to lose heart just yet. This year itself, Sonya Mann of the ZCash Foundation spoke rather bullishly about the asset, saying:
“Bitcoin is deflationary by nature, due to the capped 21 million supply and the clever incentive structure that has reliably safeguarded its inviolability. The emergent order governing Bitcoin, as both a software product and a phenomenon, is undeniably path-dependent, attributable in large part to Satoshi Nakamoto’s design decisions. There is no guarantee that BTC will increase in value, but past trends and the underlying supply-demand dynamics suggest that it’s a reasonable long-term prediction.”