‘It’s BETTER Than Gold’: Mark Cuban Defends Bitcoin, Despite Price Drop
Despite massive levels of volatility in the cryptocurrency market resulting in a decline in Bitcoin prices — briefly dropping below $30,000 in recent days — billionaire Mark Cuban has come to the coin’s defense, describing it as “better than gold.”
“BTC is digital gold. It wins that use case,” Cuban tweeted on June 21. “Every other platform from Eth to you name it will win or lose based on their user base. Over time, as happened with tech stocks, people will understand the valuation metrics of networks/platforms and invest based them.”
“Crypto outperforms stocks not just on transparency, but by allowing tokens to share all the economics with holders. Revenues always get to holders, not to retained earnings. That’s huge. The economics of apps and innovation are far better for entreprenuers and investors,” Cuban added.
“Talk about OLD takes,” responded Oliver Renick, a lead anchor at TD Ameritrade Network. “Bitcoin is making no discernable progress towards digital gold. Why are we still assuming it will at some point in the future?”
“Its BETTER than gold,” Cuban said, retweeting Renick. “No worries about storing it. Easy to transfer. Easy to trade. Easy to convert. Doesn’t require an intermediary. Can be fractionalized. Biggest BTC challenge? No William Devane type commercials and all the people who believe gold is an inflation hedge.”
Its BETTER than gold. No worries about storing it. Easy to transfer. Easy to trade. Easy to convert. Doesn’t require an intermediary. Can be fractionalized. Biggest BTC challenge? No William Devane type commercials and all the people who believe gold is an inflation hedge https://t.co/lZWPApMOHq
— Mark Cuban (@mcuban) June 21, 2021
In the earlier tweet thread, Cuban also acknowledged various downsides of the cryptocurrency.
“Will some fail. Of course. Will there be fraud. Yep. But over time the apps will get better, there will be greater network effects and UI/UX will make it easy for anyone to participate and understand,” Cuban wrote. “When Textbooks are NFTs and kids know its better than physical books and the used book market, they will go to the platform that is the path of least resistance. The challenge for all networks/platforms is how big does the early mover advantage get?”
When Textbooks are NFTs and kids know its better than physical books and the used book market, they will go to the platform that is the path of least resistance. The challenge for all networks/platforms is how big does the early mover advantage get ?
— Mark Cuban (@mcuban) June 21, 2021
As noted by Fox Business, Cuban “has been an outspoken proponent of bitcoin and other cryptocurrencies. His NBA team, the Dallas Mavericks, announced in March that it would begin accepting dogecoin for tickets and merchandise.”
Cuban has been vocal when it comes to other areas of market volatility in recent months. In January, for example, Cuban celebrated the so-called WallStreetBets movement, “the famed Reddit board that drove up GameStop’s stock as a hit against Wall Street hedge fund managers engaged in short selling.”
“I got to say I LOVE LOVE what is going on with #wallstreetbets. All of those years of High Frequency Traders front running retail traders, now speed and density of information and retail trading is giving the little guy an edge. Even my 11 yr old traded w them and made $,” he tweeted.
I got to say I LOVE LOVE what is going on with #wallstreetbets. All of those years of High Frequency Traders front running retail traders,now speed and density of information and retail trading is giving the little guy an edge. Even my 11 yr old traded w them and made $
— Mark Cuban (@mcuban) January 28, 2021
As reported by The Daily Wire, Cuban argued on CNBC’s “Squawk Box” that WallStreetBets engaged in the same kind of behavior as any brokerage firm.
“How is this any different than what every brokerage firm does?” Cuban asked.
“As someone who’s shorted stocks many times … you know exactly what you’re getting into, and you know exactly what the risks are,” he later added.
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