‘If you have gold, you’re dumb as fuck… Just get Bitcoin.’
- December 27, 2022
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Arguments over whether gold or Bitcoin (BTC) is a better store of value continue to occur across the cryptocurrency space and in traditional investment circles.
On the latest episode of Bill Maher’s Club Random podcast, which aired on Dec. 26, billionaire owner of the Dallas Mavericks Mark Cuban advocated for Bitcoin being a better store of value than gold.
In response to Maher openly admitting that he is “rooting against Bitcoin,” Cuban chimed in with a cheeky agreement, remarking, “I want Bitcoin to go down a lot further so I can buy some more.” Cuban went on to offer some friendly chastisement to Maher, saying, “If you have gold, you’re dumb as fuck,” before encouraging him to “just get Bitcoin.”
The two then discussed the pros and cons of both asset categories, with the billionaire stating that gold “is not a hedge against anything,” while hammering home to Maher, “You don’t own the physical gold, do you?”
Speaking to Cointelegraph, Cuban confirmed he does indeed own more Bitcoin than gold, even going a step further to admit, “Yes. I don’t own any gold.” However, while Cuban told Cointelegraph that he personally chooses to self-custody, he disagreed with the idea that people who do not hold their own coins or gold are necessarily asking for trouble. When it comes to safely storing assets of value, he said:
“It depends on where. If the custody host lends out the gold or crypto for any reason, then there is significantly more risk. If you don’t self-custody, I would make sure it’s a regulated entity that has required controls and liquidity minimum requirements”
Related: Russia’s largest bank issued gold-backed digital financial assets
On Oct. 25, Cointelegraph reported that Bitcoin’s growing correlations with gold, the S&P 500 and the Nasdaq 100 indicated that a growing number of investors see BTC as a “relative safe haven.”
According to digital strategists at the Bank of America, the rise in the correlation between Bitcoin and gold is one of the major indicators demonstrating investors’ confidence in BTC amid the ongoing economic downturn.