Mark Cuban Reveals What Needs to Happen Before Buying More Bitcoin

American billionaire and prominent TV personality – Mark Cuban – said he wants the price of bitcoin to drop “much further” so he can buy more of it.

He also criticized gold investments, saying it was not a “hedge against everything”.

Waiting for a buying opportunity

The billionaire remains a fan of bitcoin, despite the asset’s massive price drop and uncertainty surrounding the entire crypto industry. In a recent podcasthe pledged to increase his exposure to BTC if his valuation headed even further south:

“I want Bitcoin to go down a lot more so I can buy more of it.”

Meanwhile, the show’s host – Bill Maher – introduced himself as a ‘gold bug’, saying the precious metal ‘never goes away, it’s worth something and you can always sell it’ .

Cuban objected to the thesis, saying it was not a “hedge against everything” as some see it. Gold is a “digital transaction” and “stored value” just like bitcoin while owning real gold bullion hides its risks:

“You don’t own the gold bar, and if everything went wrong in a hand basket and you had a gold bar, you know what would happen? Someone would beat you or kill you and take your gold bar.

The billionaire made another comparison between the precious metal and bitcoin in 2021, saying both assets are “financial religions,” but cryptocurrency has more merit because it “enables the transfer of value locally and globally.”

Mark Cuban, Source: Magazine Inc.

The Cuban perspective over the years

The American hasn’t always expressed warm feelings towards bitcoin. He doubted its use cases in 2020, claiming that it’s easier to trade bananas.

It changed tone in 2021, suggest that the crypto market is emulating the dot-com bubble of the late 1990s. He predicted that bitcoin and ether will survive turbulent times and become as dominant as Amazon, eBay and other big companies of there two centuries ago.

Cuban doubled down on his pro-crypto stance in April last year, admitting that 60% of its total cryptocurrency holdings are in BTC, while 30% in ETH.

His NBA team – The Dallas Mavericks – allows fans to purchase tickets and merchandise through digital assets, such as Bitcoin and Dogecoin. The Billionaire said last year that most supporters don’t like to spend their BTC holdings because they hold the coin long-term and expect its price to rise over time.

On the other hand, they employ DOGE “because it’s easy to spend, it doesn’t appreciate so much that people want to keep it forever”.

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